The maker of Snickers and M&M’s reached a deal to acquire Kind, which makes its own nutritional snacks, as a move to expand the candy maker’s snack menu — and boost Kind’s market position.
Mars, which also makes Skittles and Twix, said last week it was acquiring the New York-headquartered snack company for an undisclosed amount. The New York Times valued deal at $5 billion, based on persons with knowledge of the deal.
Three years ago, the McLean, Virginia-based Mars acquired a minority stake in Kind to help the company enter international markets. Now, Kind North America becomes part of the privately-held Mars along with Kind International, which operates in 35 countries, the companies said.
“When we began this partnership, I said it was one built on mutual admiration and a shared vision for growth,” said Mars CEO Grant Reid. ”After three years, you can see the impact.”
Kind founder and executive chairman Daniel Lubetzky will remain involved, and retain a financial stake, in Kind. “I am so proud of how well the Mars and KIND teams have complemented and strengthened each other over the past three years,” he said. “We are now well positioned to further advance.
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