Forbes: The specialty food maker was purchased by giant General Mills for $820 million.
Forbes: The specialty food maker was purchased by giant General Mills for $820 million.
Annie’s has grown from a small player in the food business (founded in 1989) to one that had $204 million in food sales in the last fiscal year on over 145 products across 35,000 retail locations. Its rise has corresponded with the huge growth in consumer demand for organic food. Annie’s claims its products are made without artificial flavors, synthetic colors, or preservatives used in many other conventional packaged foods — like the ones General Mills is known for.
Rising commodity costs have hampered Annie’s ability to maintain profit in recent months. While revenues were up 10% in the most recent quarter, its margins dropped. Before the General Mills deal was announced, Annie’s stock had fallen 22% on the year.
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