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Mars Inc. announced on Wednesday, July 5, that it has agreed to acquire Kevin's Natural Foods, and the deal is worth almost $800 million, according to a source who has knowledge of the matter. Kevin's, which is a known brand of sauces, side dishes, and sous-vide meals, started looking into its options, including the sale of the company earlier this year.
As per Reuters, Mars Inc., which generates around $48 billion in sales per year, operates three major businesses, and these are Mars Food & Nutrition, Mars Snacking, and Mars Petcare. Once the deal to acquire Kevin’s Natural Foods is completed, the health food firm will still be operating as a standalone brand under Mars’ food and nutrition division.
Under its petcare division, Mars owns popular brands, including Whiskas, Pedigree, and Royal Canin. And not long ago, it expanded its base in the industry by acquiring Heska Corp., a veterinary equipment supplier. In any case, it was noted that Mars is mostly known for its chocolate and candy brands, such as Snickers and M&M’s, but it is continuing to expand its business by venturing into other sectors.
In fact, it has made a series of acquisitions in recent years, mainly to diversify and build new categories in the snacking and healthy foods categories. It is planning to further boost its food business portfolio through more potential acquisitions in the near future, and this was confirmed by Mars Food & Nutrition global president, Shaid Shah.
“We are excited to welcome Kevin’s Natural Foods to the Mars Food & Nutrition family of businesses,” Shah said in a press release. “We have been hugely inspired by Kevin’s, a business whose mission fits squarely with our purpose: Better Food Today. A Better World Tomorrow. Kevin’s products are of very high quality, nutritious, and convenient, without compromising on flavor, and are enjoyed by an engaged and loyal customer base across North America.”
The executive went on to say, “The Kevin’s Natural Foods team has delivered impressive growth since it was founded four years ago, and we look forward to drawing on our experience of nurturing and scaling founder-led brands to help bring their products to even more people.”
Photo by: Pablo Merchán Montes/Unsplash
