Confectionery and food giant Mars has announced that it is acquiring a minority stake in snack bar company Kind.
The deal values Kind at more than $4 billion, according to reports, and will see Mars expand its business into the health food sector.
“We believe there is tremendous opportunity to build on the success of Kind’s product portfolio in new markets," said Grant F. Reid, CEO and president of Mars.
"As we continue to expand our business and broaden our portfolio to address evolving consumer needs, we’re delighted to partner with a respected leader in the health and wellness space.”
Kind, which was founded in 2004, will continue to operate independently, led by its majority stakeholders, while Mars will lead the growth of the business outside the US and Canada.
The company says that it aims to create healthy snack foods, without the use of artificial sweeteners or over-processed ingredients. It offers a range of products made from fruit, nuts, seeds, and whole grains.
"It’s been exciting to see the reach and impact of our mission, and with our partnership with Mars, we’re looking forward to continuing on this journey as we empower more people to make healthy eating decisions across the globe," said Daniel Lubetzky, founder and CEO of Kind.
In a similar move into the healthy snacking market, last month cereal giant Kellogg Company signed an agreement to acquire Chicago Bar Company, the maker of nutrition snack RXBAR, for $600 million.
The company manufactures a line of protein bars made with wholefood ingredients, which Kellogg says that it will continue to develop as an independent brand.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.