Mars acquisition of healthy meal maker Kevin’s Natural Foods poised to accelerate product innovations
06 Jul 2023 --- Mars Incorporated has signed an agreement to acquire Kevin’s Natural Foods, a high-growth, nutritious meal company which will operate as a standalone business within its Food & Nutrition segment.
Mars Food & Nutrition says it will help Kevin’s Natural Foods to continue to grow, innovate and bring its portfolio of products to more people.
Kevin’s uses whole foods, simple ingredients and bold flavors to make chef-inspired sous-vide meals, sides and sauces. It targets busy, on-the-go consumers seeking nutritious food that can be made quickly.
The company has experienced double-digit growth since it was founded in 2019 and is now available across over 17,000 retail locations, from grocery stores and supermarkets, to digital commerce.
It began exploring options, including a sale of the company, earlier this year.
Focus on health
Shaid Shah, global president, Mars Food & Nutrition, says Kevin’s business strategy fits with Mars’ mission. “Kevin’s products are of a very high quality, nutritious, and convenient, without compromising on flavor, and are enjoyed by an engaged and loyal customer base across North America,” he says.
“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.”
The transaction is subject to customary regulatory approvals and is expected to close in the third quarter of 2023. The terms of the transaction were not disclosed.
Kevin McCray, president and co-founder of Kevin’s Natural Foods, adds: “We founded Kevin’s with the mission to empower even the busiest people to eat nutritious, great tasting meals in minutes. 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.”
“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,” says Dan Costa, CEO and co-founder of Kevin’s.
This acquisition includes an exit of Kevin’s minority partners, TowerBrook Capital Partners L.P., an international investment management firm, and NewRoad Capital Partners.
Edited by Gaynor Selby
