General Mills announced it has agreed to acquire privately held, family-owned, Brazilian yogurt producer, Carolina Administraceao e Particpacoes Societarias Ltda (Carolina) for an undisclosed amount, according to a company press release.

 

Formed in 1969, Carolina is a leading regional dairy products manufacturer that markets more than 20 different dairy product lines under the popular brands of Carolina, VeryGurt, and Gluck. Operating mainly in southern and southeastern Brazil, Carolina has sizeable regional operating, sales, and distribution infrastructure in place allowing the company to source high-quality milk from farmers across the country’s dairy region of Parana.

 

With 200 million people and a burgeoning middle class, Brazil is one of the biggest economies in the world and a key market for General Mills. Yogurt has proven to be a strong growth category within the market but with per capita consumption rates well below other main Latin American markets.

 

"Carolina's strong capabilities in yogurt and dairy will accelerate General Mills' growth in Brazil. We plan to invest and build on the strong Carolina product portfolio, leveraging our own expertise and the Carolina team to grow and expand in Brazil – a very important market for General Mills International," said Chris O'Leary, General Mills' Executive Vice President and Chief Operating Officer—International.  

 

General Mills has seen continued success resulting from its investments in both the dairy segment and in the Latin American region. Its 2012 acquisition of Yoki Alimentos more than doubled the company’s sales in Latin America, while its acquisition of Yoplait International in 2011 significantly boosted its yogurt portfolio, which has again expanded with the recent expansion of Yoplait into China.