According to Reuters, Mars Inc, the family-owned food giant, announced on Wednesday its acquisition of Kevin’s Natural Foods, a well-known provider of sous-vide meals, sauces, and side dishes. Sources familiar with the matter estimate the deal values Kevin’s, which is backed by private equity, at nearly $800 million.
Earlier this year, Kevin’s began exploring various options, including a potential company sale. Reuters further reports that Mars, headquartered in McLean, Virginia, and generating approximately $48 billion in annual sales, operates three major divisions: Mars Petcare, Mars Snacking, and Mars Food & Nutrition.
Reuters reports that following the completion of the acquisition, Kevin’s Natural Foods will function as an independent brand within Mars’ food and nutrition division.
In the petcare sector, Mars is recognized for its brands such as Pedigree, Whiskas, and Royal Canin. Mars further expanded its presence in this industry by acquiring veterinary equipment company Heska Corp.
As a well-known confectionery producer, Mars, the maker of popular candy brands like M&M’s and Snickers, has pursued a series of acquisitions in recent years. These strategic moves reflect the company’s commitment to diversifying its portfolio and expanding its offerings in the realm of healthy foods and snacking.
Mars plans to grow its food business through more potential acquisitions in the near term, said Shaid Shah, global president at Mars Food & Nutrition.
“We are trying to deliver on a mission we have to enable healthier and more flavorful diets for consumers worldwide, while Kevin’s is trying to empower the busiest people to eat clean without sacrificing flavors,” Shah said in an interview.
“What really inspired us about Kevin’s was their purpose and their passion for food,” he added.
