Mars swallows up Kind North America
After three years of partnering, snacks giant Mars has acquired the healthy snack company in a deal thought to be worth $5 billion
Mars, the family-owned global pet food, veterinary care, confectionery, snacking and food business, has acquired healthy snacking company, Kind North America, in a deal reported to be worth around $5 billion. New York City-based Kind North America will join Kind International to form one organisation operating across 35 countries, functioning as a distinct and separate business within Mars.
Over the past three years, Mars and Kind have partnered to introduce Kind bars into new markets and categories. As a result, Kind has expanded into more than 35 countries, including China, Germany and France. and into eight categories including frozen and refrigerated. The company has also launched new products such as Kind Bark, Kind Frozen Bars and Kind Smoothie Bowls.
Mars’ chief executive Grant F Reid said: “When we began this partnership, I said it was one built on mutual admiration and a shared vision for growth. After three years, you can see the impact, as together we have grown the healthy snacking category.”
Kind founder and chairman Daniel Lubetzky will retain a financial stake in Kind, a majority of he previously donated to charity to further his philanthropic efforts.
Lubetzky said: “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.”
Mars is headquartered in McLean, Virginia.