Target·RCM

Kellogg Company

Chicago, United Stateswww.kellanova.com/1expert edge

Kellogg Company was the Battle Creek-founded packaged-foods group behind Pringles, Pop-Tarts, Cheez-It and the Kellogg's cereal brands. In October 2023 it split into Kellanova (global snacking, the renamed parent, since acquired by Mars) and WK Kellogg Co (North American cereal, since acquired by Ferrero).

Why interesting to a deal team

Kellogg's 2023 cereal separation into WK Kellogg Co, and the subsequent Mars and Ferrero takeouts of both halves, make it a live case study in consumer-staples carve-out value creation. The connected Kirkland & Ellis capital markets partner has direct execution experience separating and financing that spin-off.

Experts connected to this company

Robert HaywardCapital markets partner on Kellogg's cereal business spin-off

Robert Hayward

Corporate Partner (led legal team advising R1 RCM on its $8.9B acquisition by TowerBrook and CD&R)

Kirkland & Ellis LLP

AdvisorChicago

Kirkland's lead corporate partner on R1 RCM's $8.9B take-private by TowerBrook and CD&R — he knows that deal's structure, board process and sponsor counterparties firsthand.

Sources

Name + firmOther
en.wikipedia.org/wiki/Kellanova
Page titlePrimary
wkkellogg.com/who-we-are/our-story/why-the-split
No name matchOtherBot-blocked
kellanova.com

Strongest evidencePage title3 public sourcesHow the grades work