Major Acquisition For Global Brand

Kevin's, Mars

Mars Wrigley, a family-owned, global leader in confectionery, food, and pet care products and services, announced that it had signed an agreement to acquire Kevin's Natural Foods, a high-growth, nutritious meal company, to join its leading brands in the Mars Food & Nutrition segment.

Kevin's makes chef-inspired meals, sides, and sauces. Using whole foods and simple ingredients, it meets the needs of today's busy consumers by helping them eat healthier food within minutes without sacrificing bold flavours. Kevin's has enjoyed double-digit growth since it was founded in 2019 and is now available across 17,000 plus retail locations. Kevin's Natural Foods will operate as a standalone business within Mars Food & Nutrition, reporting to its President, Shaid Shah.

Kevin's Natural Foods will play a key role in Mars Food & Nutrition's ongoing journey to enable delicious, healthier eating to be part of consumers' daily lives. Kevin's products will complement Mars Food & Nutrition's core portfolio and recent innovations.

Shaid Shah, Global President of Mars Food & Nutrition, said that Mars was 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 very high quality, nutritious, and convenient, without compromising on flavour, and are enjoyed by an engaged and loyal customer base across North America," said Shah.

"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 Kevin's desire to be healthier and help others eat well. Founded in 2019, the company is headquartered in Modesto, California, and has approximately 180 employees, with products currently sold in the US, U.K., Canada and Mexico.

Kevin McCray, President and Co-Founder of Kevin's Natural Foods, said that Mars Food & Nutrition shared Kevin's Natural Foods' vision and passion for food's role in people's lives.

"We founded Kevin's 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," said McCray.

Dan Costa, CEO and Co-Founder of Kevin's Natural Foods added that as a standalone business within Mars Food & Nutrition, Kevin's Natural Foods will be able to maintain its brand's entrepreneurial spirit and authenticity while getting the support and capabilities to continue its long-term growth journey.

"It's a tremendous milestone for Kevin's Natural Foods and our team, and we're excited for what's ahead," said Costa.

This acquisition includes an exit of Kevin's minority partners, TowerBrook Capital Partners LP, an international investment management firm, and NewRoad Capital Partners.

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.