Food giant Mars has signed an agreement to buy Kevin’s Natural Foods, a fast-growing brand that focuses on offering healthier meals, sides, and sauces.
Reports suggested that the deal values private equity-backed Kevin’s at nearly $800m. The transaction is expected to close in the third quarter of this year, with the business then joining the Mars Food & Nutrition division as a standalone brand.
Mars, widely known as a confectionery maker, has made a series of acquisitions in recent years as part of its efforts to diversify towards healthier foods and snacks to meet growing consumer demand.
Kevin’s has recorded double-digit growth since it was founded in 2019 and is now available across more than 17,000 grocery stores in the US and online.
Shaid Shah, Global President, Mars Food & Nutrition said: “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 a very high quality, nutritious, and convenient, without compromising on flavour, and are enjoyed by an engaged and loyal customer base across North America. 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.”
Kevin McCray, President and Co-Founder of Kevin’s Natural Foods, added: “Mars Food & Nutrition shares our vision and passion for the role food plays in people’s lives. We founded Kevin’s with the mission to empower even the busiest people to eat nutritious, great tasting meals in minutes.
“Joining the Mars Food & Nutrition portfolio of brands will allow us to accelerate the development of more product innovations and support our mission of bringing Kevin’s to more consumers across markets.”
