Mars Inc on Wednesday agreed to buy Kevin's Natural Foods, which is known for its sous-vide meals, sauces, and side dishes, the companies said.
The deal values private equity-backed Kevin's at nearly $800 million, according to people familiar with the matter. Kevin's started exploring options, which included a sale of the company, earlier this year.
In petcare, Mars operates brands like Pedigree, Whiskas, and Royal Canin, and it recently expanded its footprint in the sector through the acquisition of veterinary equipment firm Heska Corp. "We are trying to deliver on a mission we have to enable more healthier and more flavorful diets for consumers worldwide, while Kevin's is trying to empower the busiest people to eat clean without sacrificing flavors," Shah said in an interview.Modesto, California-based Kevin's, which counted private equity firms Towerbrook Capital Partners and NewRoad Capital Partners among its backers, was co-founded in 2019 by Dan Costa, Kelsie Costa-Olson, and Kevin McCray.
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