Mars Inc. is buying nutritious meal company Kevin’s Natural Foods, known for its meals, sauces, and side dishes, the two companies announced on Wednesday.
The deal values Kevin’s at $800 million, and the company started exploring options, including a sale of the company earlier this year. Once the deal is completed, Kevin’s will operate as a standalone brand under the food and nutrition unit.
Mars generates $48 billion in annual sales, and has three major businesses: Mars Petcare, Mars Snacking, and Mars Food & Nutrition. Mars operates brands like Pedigree, Whiskas, and Royal Canin.
Mars has also been making acquisitions in recent years as part of its efforts to diversify its categories focused on healthy foods and snacking.
“We are trying to deliver on a mission we have to enable healthier and more flavorful diets for consumers worldwide, while Kevin’s is trying to empower the busiest people to eat clean without sacrificing flavours,” said Shaid Shah, the global president at Mars Food & Nutrition.
Kevin’s was co-founded in 2019 by Dan Costa, Kelsie Costa-Olson, and Kevin McCray after McCray was diagnosed with an autoimmune disorder. He wanted to build a food brand that focused on healthy diets.
“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,” said McCray.
The new Mars acquisition is not the first in the food and beverage sector lately, with Unilever announcing its consideration to buy frozen yoghurt brand Yasso last month and Flagstone Foods acquiring Emerald Nuts from Campbell Soup in May.
