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Mars announced that it will acquire Kind North America, the maker of Kind Bars, in an effort to expand the partnership that began three years ago.
Mars, which makes Snickers, Milky Way, M&M and other candy bars, is acquiring the company for nearly $ 5 billion, according to the New York Times, which first reported..
“When we started this partnership, I said it was built on mutual admiration and a shared vision for growth,” Grant F. Reid, CEO of Mars, said in a statement. « Three years later, you can see the impact, as together we developed the healthy snacks category and brought KIND and KIND Promise to 35 countries and in new categories.. We are delighted to continue building on this success and welcome KIND North America to the Mars Group of Companies.
The deal comes a few weeks after Halloween, and it’s traditionally one of the busiest times for Mars and other candy makers.
According to data from market research firm IRI and the National Confectioners’ Association, sales of Halloween candy rose 13% for the month ending September. 6, The Associated Press reported.
Halloween candy and decorations are on display in a store, Wednesday, September. 23, 2020, in Freeport, Maine. (AP Photo / Robert F. Bukaty)
The deal comes three years after Mars acquired a minority stake in Kind, which Daniel Lubitzky founded in 2005 as a replacement bar with simple ingredients..
“I am very proud of how much Mars and KIND have integrated and strengthened each other over the past three years,” Lubetzky added in the release. “We are now well positioned to continue strengthening our efforts and continuing to build the foremost health and wellness platform. As we said in 2017, Mars is a company that shares KIND’s passion for working as a force for good, and I am confident that together, we will be able to make our small contribution to making this world kinder.. .
Speaking to The Times, Lubetzky said it has retail sales of around $ 1. $ 5 billion, up from $ 1 billion at the end of 2017 when the partnership began.
Kind, which operates in 35 countries, said that it will continue its mission and mission and will advance its goal of building a cute world one snack and one action at a time.
Prices are displayed in real time or at least 15 minutes late. Market data provided by Factset. Supported and implemented by FactSet Digital Solutions. Legal statement. Mutual fund data and ETF provided by Refinitiv Lipper.
Kind, Mars, Incorporated, Daniel Lubetzky, North America, Snickers
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