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Food giant Mars on Wednesday announced plans to acquire Kevin’s Natural Foods, known for sous vide meals, sauces and side dishes, to bolster its health food lineup.
Shaid Shah, Global President of Mars Food & Nutrition, said in a press release: “Kevin’s products are extremely high quality, nutritious and convenient without compromising flavor, and are enjoyed by a dedicated and loyal customer base across North America.”
The deal would value private-equity-backed Kevin’s Natural Foods at nearly $800 million, according to people familiar with the matter. Earlier this year, Kevin began exploring options that included selling the company.
The meal was shown in an undated handout picture provided by Kevin’s Natural Foods, known for sous vide, sauces and side dishes, and family-owned food giant Mars agreed to buy the company. (Angelica Ores/Kevins Natural Foods/Handout via Reuters/Reuters Photo)
With annual sales of approximately $48 billion, Mars operates three main businesses: Mars Petcare, Mars Snacking and Mars Food & Nutrition. Kevin’s Natural Foods will operate as a separate business within Mars Food & Nutrition, the companies shared in a press release.
According to the companies, Kevin’s Natural Foods has posted double-digit sales growth since its inception in 2019.
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“As an independent business within Mars Food & Nutrition, we will be able to maintain our entrepreneurial spirit and brand credibility while gaining the support and ability to continue our long-term growth journey.” said CEO and co-founder Dan Costa. said Kevin. “This is a major milestone for Kevin’s Natural Foods and our team, and we are excited about what lies ahead.”
M&M’s package. Mars owns the candy company M&M’s. (Joe Radle/Getty Images/Getty Images)
Mars, which owns candy brands such as M&M’s and Snickers, has made a number of acquisitions in recent years to diversify its health food and snack portfolio. In 2020, the brand acquired snack bar company Kind for $5 billion.
“While we strive to fulfill our mission of providing consumers around the world with healthier, more flavorful meals, Kevin’s is committed to helping the busiest people sacrifice flavor,” Shah said in an interview. I’m trying to make sure you can eat clean without having to worry about it.”
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“What really inspired us about Kevins was their purpose and passion for food,” he added.
Based in California, Kevin’s was co-founded in 2019 by Dan Costa, Kelsey Costa Olson and Kevin McCray. The acquisition includes the exit of Kevin’s minority shareholders, international investment management firms Towerbrook Capital Partners LP and Newlord Capital Partners.
Kevin’s Natural Foods is a line of healthy entrees, sides and sauces on a mission to make clean eating taste great while fitting seamlessly into any lifestyle. (Kevins Natural Foods/FOX News)
The company currently employs 180 people and its products are sold in the US, UK, Canada and Mexico.
Towerbrook and Newlord are selling Kevins shares as part of the deal, which is expected to close in the third quarter of 2023.
McRae launched Kevins after receiving the diagnosis. autoimmune disease, because he wanted to build a food brand focused on healthy eating. McRae realized that a paleo-friendly diet with Kevin’s signature paleo, keto and certified gluten-free sauces could help you on your path to health.
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“By joining Mars Food & Nutrition’s portfolio of brands, we will be able to accelerate the development of more product innovations and support our mission to reach more consumers across markets with Kevin’s,” said McCrae. said Mr.
Reuters contributed to this report.
