Mars has announced its acquisition of Kind North America, a maker of healthy granola and energy bars.
The financial terms of the transaction have not been disclosed, but The New York Times reported that it valued Kind at about $5 billion, citing sources with knowledge of the deal.
Kind founder and executive chairman, Daniel Lubetzky, will retain an ongoing financial stake in the brand and play a ‘key’ role in its future development and expansion.
In 2017, Mars announced that it was acquiring a minority stake in Kind. Over the past three years, the two companies have worked together to bring the brand’s products into new countries and categories.
Mars says that as a result of the partnership, Kind has expanded into more than 35 countries and launched new products, including frozen bars and smoothie bowls.
Kind North America will join Kind International to create one organisation that functions as a distinct and separate business within the Mars portfolio.
Commenting on the partnership between the two companies, Mars CEO Grant F. Reid said: “After three years, you can see the impact, as together we have grown the healthy snacking category and brought Kind and ‘the Kind promise’ to 35 countries and into new categories.
“We’re delighted to continue to build on this success and welcome Kind North America into the Mars family of companies.”
Kind founder Lubetzky added: “I am so proud of how well the Mars and Kind teams have complemented and strengthened each other over the past three years. We are now well positioned to further advance our efforts and continue building a foremost health and wellness platform.
“As we said in 2017, Mars is a company that shares Kind’s passion for business as a force for good, and I am confident that together, we will be able to make our small contribution to make this world a little kinder.”
Earlier this year, Kind announced that it seeks to become the first snack company to exclusively source its almonds from bee-friendly farmland across the globe by 2025.
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