Food giant Mars announced on July 5th that it had reached an agreement to acquire Kevin’s Natural Foods, a private equity-backed company renowned for its sauces, side dishes, and sous-vide meals. The deal, valued at approximately $800M, involves TowerBrook Capital Partners L.P., NewRoad Capital Partners, and other stakeholders selling their interests. Upon completion of the transaction, which is slated for Q3-2023, Kevin’s will function as an independent entity within Mars’ Food and Nutrition division.
The founder of Kevin’s, Kevin McCray, shared that he believes the acquisition provides the company with an expansive platform, enabling them to expedite product innovation and broaden their consumer reach in various markets.
Despite a general decline in consumer M&A activity, this transaction showcases the continued appeal of the food and beverage sector. Recent acquisitions, such as Unilever‘s purchase of frozen yogurt brand Yasso, Inc. and Flagstone Foods‘ acquisition of Emerald Nuts from Campbell Soup Company, further exemplify the positive outlook for the industry.
