General Mills, an international branded food company,
was interested in expanding its non-U.S. business. Leveraging
existing brand franchises and operational know-how could
create shareholder value. One area targeted for growth
was Mexico, where General Mills had a small cookie business
Weinstein led the acquisition of Ferback, a chocolate
confectionery company in Mexico. This acquisition leveraged
General Mills’ existing sales force, with its
presence in department stores where upscale chocolate
products are sold, and capitalized on the growing taste
in luxury food items in the Mexican middle class. Weinstein’s
due diligence included an assessment of the Mexican
market for consumer packaged foods, chocolate confectionery
products, and socio-economic trends in Mexico. Weinstein
oversaw the audit of Ferback’s books and interviewed
the owner. Weinstein was also responsible for:
- Developing financial statement projections in pesos
and translating them into U.S. dollars.
- Reviewing and approving the integration plan.
- Valuing the company.
Profits directly related to the Ferback acquisition
tripled after integration. Additionally, new chocolate-covered
cookie products were introduced after chocolate import
restrictions were legally circumvented through this