Mars, the candy giant behind Snickers and M&Ms, on Tuesday announced plans to acquire Kind, a leading maker of fruit-and-nut bars, amid growing consumer interest in healthier snacking.
Kind, founded in 2004 and based in New York, will function as a separate business under the Mars umbrella. Mars three years ago took a minority stake in Kind, helping it expand into 35 countries and into new categories including frozen and refrigerated bars and smoothie bowls.
“When we began this partnership, I said it was one built on mutual admiration and a shared vision for growth,” Grant Reid, CEO of Mars, said in a news release. “After three years, you can see the impact, as together we have grown the healthy snacking category.”
Terms of the deal were not disclosed.
Mars, headquartered in McLean, Virginia, has been growing its noncandy portfolio. Its products include Uncle Ben’s rice and pet food brands Pedigree and Whiskas. The privately held company says its annual revenues are about $40 million.
Chicago is the global headquarters of Mars Wrigley Confectionary — the world’s largest candy company — and home to about 1,000 Mars employees.
Kind founder Daniel Lubetzky will retain a financial stake in the company and play a key role in the future development and expansion of Kind, the companies said. Kind will continue its commitment to making nutrient-dense foods and sourcing all of its almonds from bee-friendly farms by 2025.
©2020 Chicago Tribune
Visit the Chicago Tribune at www.chicagotribune.com
Distributed by Tribune Content Agency, LLC.