General Mills has made a strategic move in the pet food and supplement market by acquiring the business, Fera Pets. The acquisition represents the first deal completed through the company’s new growth equity fund, which aims to acquire and scale businesses. The fund is part of General Mills’ Gold Medal Ventures division and is designed to provide access to the company’s talent and expertise while allowing the businesses to remain founder-led and independently operated.
The new fund will operate alongside 301 Inc, which has transitioned from the company’s innovation arm to now serving as the deal-sourcing arm for the growth equity fund. In explaining the differentiation, a General Mills spokesperson stated, “301 Inc will find passionate and driven founders, in or adjacent to General Mills’ current categories, with proven impact in the market. The growth equity fund is focused on acquiring, scaling and incubating businesses to accelerate their growth, providing them with access to General Mills’ talent and expertise, while remaining founder-led and independently operated.”
While the spokesperson declined to comment on certain financial and operational specifics, the fund will bolster General Mills’ ability to invest in up-and-coming businesses and develop new products. The larger Gold Medal Ventures division includes G-Works, which is dedicated to developing and launching the company’s own products, such as snack and pasta brands.
Commenting on the acquisition, veterinarian and Fera Pets co-founder Dr. Michelle Dulake expressed excitement about joining the General Mills family. “With the support of General Mills’ scaling capabilities, we are looking forward to furthering our mission to create better lives for pets and their families,” Dr. Dulake added.
Fera Pets offers a range of pet supplements and products, including probiotic supplements and fish oil. The business currently distributes its offerings through online and mainstream retailers, catering to the growing consumer demand for pet wellness products.
General Mills’ recent investments in the pet food sector have underscored its commitment to growth in this area. In addition to the Fera Pets acquisition, the company has made strategic financial backing for other players in the pet food market, demonstrating its dedication to expanding its presence in the industry.
