Mars Closes Deal for Kevin's Natural Foods
MCLEAN, Va. — A deal is in the books for Mars Inc. and Kevin's Natural Foods.
Mars, a leader in confectionery, food, and pet care product and services, closed on its acquisition of Kevin's Natural Foods, a high-growth, nutritious meal company, on Aug. 1. The deal was first announced last month.
[Read more: Mars to Add to Health & Wellness Portfolio]
"I am excited to welcome Kevin's Natural Foods and its talented associates to the Mars Food & Nutrition family. With its high quality, nutritious, and convenient products, which never compromise on flavor, Kevin's Natural Foods has its finger on the pulse of how consumers want to eat today," Shaid Shah, global president, Mars Food & Nutrition. "We look forward to working with the Kevin's team to help them continue to grow, innovate, and reach even more consumers, delivering our purpose: 'Better Food Today. A Better World Tomorrow.'"
Under terms of the agreement, Kevin's Natural Foods joins the Mars Food & Nutrition segment, whose portfolio includes some of the world's leading food brands including Ben's Original, Masterfoods, Seeds Of Change, Tasty Bite, foodspring and DOLMIO.
Kevin's will play a key role in Mars Food & Nutrition's ongoing journey to enable delicious, healthier eating to be part of consumers' daily lives, while Mars will help Kevin's to continue to grow, innovate and bring its portfolio of products to more people, the companies stated.
"This is an important milestone for Kevin's Natural Foods, and I want to thank every colleague at Kevin's whose hard work has brought us here," said Kevin McCray, president and co-founder of Keven's Natural Foods. "I am excited to continue to build on our success and grow as part of Mars Food & Nutrition. With their passion for food and commitment to nurturing and growing founder-led, purpose-driven brands, we could not have found a better partner to take us to the next level."
[Read more: Mars Makes Product Lineup Available for Same-Day Delivery With Instacart]
Modesto, Calif.-based Kevin's makes chef-inspired sous-vide meals, sides and sauces using whole foods and simple ingredients. The meal solution's mission is to meet the needs of today's busy consumers by helping them eat healthier food within minutes, without sacrificing bold world flavors, according to the company.
Since its foundation in 2019, Kevin's has experienced double-digit growth and is now available across 17,000-plus retail locations.
The acquisition includes an exit of Kevin's minority partners, TowerBrook Capital Partners LP, an international investment management firm, and NewRoad Capital Partners, as Convenience Store News previously reported.
Citi served as Mars' financial advisor, and Simpson Thacher & Bartlett acted as the company's legal advisor. Wells Fargo Securities served as Kevin's Natural Foods' exclusive financial advisor, and Sheppard Mullin acted as legal advisor.
McLean-based Mars has around $48 billion in annual sales.