General Mills sells Argentine bakery
August 23, 2010
by Eric Schroeder
BUENOS AIRES, ARGENTINA — General Mills, Inc. has sold its chain of Delicity bakeries in Argentina to Argentina-based Tentissimo Group. Financial terms of the transaction were not disclosed.
Under terms of the transaction, Tentissimo will take control of the Delicity brands, five Delicity shops that were owned by General Mills, and franchiser rights. Franchisees operate an additional 54 Delicity shops in Argentina.
Also as part of the agreement, General Mills said it will continue to supply dough products to Delicity shops. General Mills acquired Delicity when it bought the Pillsbury Co. in 2001.
“This sale will allow us to focus more on growing our core businesses to better serve our Argentine consumers,” said Alex Viloria, managing director of General Mills Argentina. The company’s Argentina business includes Nature Valley granola bars, La Saltena pasta and tapas products, Haagen-Dazs ice cream and food service offerings to hotels, restaurants and other food service operations throughout the country.
First introduced in 1986, Delicity gained recognition for its “hot and always hot” concept that offers consumers freshly baked goods while they wait. The bakery’s products include croissants, pastries, bars, cookies and a wide range of other baked foods.