Mars has announced that it has signed an agreement to acquire “high-growth” nutritious meal company Kevin’s Natural Foods.
Kevin’s – which makes chef-inspired sous-vide meals, sides and sauces – will join Mars’ brands in the food and nutrition segment. It uses whole foods and simple ingredients in its meals to help consumers eat “healthier food within minutes”.
Founded in 2019, Kevin’s is now available in more than 17,000 retail locations across the US, Canada, Mexico and the UK, from grocery stores to digital commerce.
Shaid Shah, global president, Mars Food & Nutrition, said: “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.”
According to Mars, Kevin’s will play a key role in the food giant’s ongoing journey to enable tasty, healthier eating to be part of consumer’s daily lives and will complement Mars’ core portfolio and recent product innovations.
Kevin McCray, president and co-founder of Kevin’s, commented: “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”.
The company will operate as a standalone business within Mars Food & Nutrition, reporting to Mars’ president, Shaid Shah.
Dan Costa, CEO and co-founder of Kevin’s, added: “As a standalone business within Mars Food & Nutrition, we’ll be able to maintain the entrepreneurial spirit and authenticity of our brand while getting the support and capabilities to continue our long-term growth journey. It’s a tremendous milestone for Kevin’s Natural Foods and our team, and we’re excited for what’s ahead.”
The acquisition includes an exit of Kevin’s minority partners, international investment management firm TowerBrook Capital Partners and NewRoad Capital Partners.
The transaction is subject to customary regulatory approvals and is expected to close in Q3 2023. Financial terms of the transaction were not disclosed.
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