- Mars just bought Kind, the New York Times reported.
- The deal reportedly valued Kind at around $5 billion.
- Mars already had a minority stake in Kind dating back to 2017.
- Visit Business Insider's homepage for more stories.
Candy manufacturer Mars just bought Kind North America, makers of Kind bars, Andrew Ross Sorkin and Lauren Hirsch at The New York Times first reported. Neither company has addressed specifics of the deal, but it valued Kind at around $5 billion, according to The Times.
Mars is known for producing prominent candy brands including Snickers, M&Ms, Twix, and others. Kind sells healthier snacks, like granola bars and fruit bars, and claims to avoid artificial flavors, added sugar, and preservatives. It says it uses "nutritious food as the first and predominant ingredient in every food product," Business Insider reported earlier this year.
Read more: 5 lessons for success from the founder of vegan snacks firm Proper, which grew retail sales to $52 million over a decade
In 2017, Mars bought a minority stake in Kind, which was then valued at $4 billion. At the time, Kind was one of the fastest growing snack companies, according to The New York Times. In February 2020, Kind announced it would spend "tens of millions" in marketing a new line of frozen and refrigerated snacks.
"That's where Mars comes in with its supply chain, logistics, warehouse and distribution capabilities," founder Daniel Lubetzky told Business Insider. He told The Times that the new ownership will allow Kind to think about longer term investments in new products and markets.
Source: Read Full Article