Mars Inc. recently agreed to a deal to acquire Kevin’s Natural Foods. The terms of the agreement were not disclosed.
“We are excited to welcome Kevin’s Natural Foods to the Mars Food & Nutrition family of businesses,” said Shaid Shah, global president, Mars Food & Nutrition. “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," Shah said. "The Kevin’s Natural Foods team has delivered impressive growth since it was founded four years ago. We look forward to drawing on our experience of nurturing and scaling founder-led brands to help bring their products to even more people.”
Under terms of the agreement, Kevin’s Natural Foods will operate as a stand-alone business. The meal company will form part of the Mars Food & Nutrition catalog and will report to Shah.
“As a stand-alone 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,” said Dan Costa, CEO and co-founder of Kevin’s. “It’s a tremendous milestone for Kevin’s Natural Foods and our team. We’re excited for what’s ahead.”
Subject to customary regulatory approvals, the transaction is expected to close during the third quarter of this year. According to a recent news release, the acquisition will require an exit of Kevin’s minority partners, TowerBrook Capital Partners and NewRoad Capital Partners.
The meals offered by Kevin’s Natural Foods were crafted by Kevin's, which promotes healthier, but flavorful alternatives for busy consumers.
“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,” a news release said. “Kevin’s products will complement Mars Food & Nutrition’s core portfolio and recent product innovations.”
Based in Modesto, California, Kevin’s Natural Foods, co-founded by Costa, Kelsie Costa-Olson and Kevin McCray, has expanded to 180 countries since its establishment in 2019. The products are available at more than 17,000 retail shops across the U.S, the United Kingdom, Canada and Mexico.
“Mars Food & Nutrition shares our vision and passion for the role food plays in people’s lives,” said McCray, president and co-founder of Kevin’s Natural Foods, said. “We founded Kevin’s with the mission to empower even the busiest people to eat nutritious, great-tasting meals in minutes."