Mars, Inc. announced that it has signed an agreement to acquire Kevin’s Natural Foods to join its brands in the Mars Food & Nutrition segment.
Kevin’s makes sous-vide meals, sides and sauces. Its products include whole foods and simple ingredients, and its products are sold at more than 17,000 retail locations, from grocery stores and supermarkets, through to digital commerce. Kevin’s Natural Foods will operate as a standalone business within Mars Food & Nutrition, reporting to its president, Shaid Shah.
Shah says, “We are excited to welcome Kevin’s Natural Foods to the Mars Food & Nutrition family of businesses. We have been hugely inspired by Kevin’s, a business whose mission fits squarely with our purpose: Better Food Today. A Better World Tomorrow. 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. 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.”
Co-founded by Dan Costa, Kelsie Costa-Olson and Kevin McCray, Kevin’s Natural Foods was born out of McCray’s desire to be healthier himself as well as to help other people eat well. Founded in 2019, the company is headquartered in Modesto, Calif., and has approximately 180 employees, with products currently sold in the U.S., U.K., Canada and Mexico.
McCray says, “Mars Food & Nutrition shares our vision and passion for the role food plays in people’s lives. 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.”
This acquisition includes an exit of minority partners, TowerBrook Capital Partners L.P., an international investment management firm, and NewRoad Capital Partners.
The transaction is subject to customary regulatory approvals and expected to close in the third quarter of 2023. The terms of the transaction were not disclosed.