General Mills Inc. GIS, +0.29% said Thursday it agreed to pay an undisclosed amount to buy Fera Pets Inc., as it moves into the pet supplement market. General Mills said it acquired Fera Pets through a newly-launched growth equity fund as part of its Gold Medal Ventures effort.
John Parrish, vice president, Disruptive Growth, General Mills, said, “The pet wellbeing category is on the rise as more families look to take care of their pets the same way they take care of their own health.” 301 INC, which sources investment opportunities for the General Mills growth equity fund, has invested in pollination specialist BeeHero, a direct-to-consumer cat food brand called Smalls, and a pasta brand called Carbe Diem. General Mills stock is down 22% in 2023, compared with a 14.