McLean, Virginia-based Mars Inc. has signed an agreement to acquire Trü Frü, a whole-fruit snacking brand, from its founders and management team.
Trü Frü’s snacks are made from real fruit and are covered in chocolate. The snacks are available in a frozen and shelf-stable format.
The transaction is subject to customary regulatory approvals and expected to close in 2023. The terms of the transaction were not disclosed.
“We are thrilled to welcome one of the most innovative fruit-based snacks in the U.S. into the Mars family of brands,” said Andrew Clarke, global president, Mars Snacking.
“Trü Frü is a perfect complementary fit for our health and wellness portfolio and our capabilities will help the brand strengthen its operations, broaden distribution and accelerate growth. We want to be the preferred home for emerging and founder-led brands like Trü Frü. We are looking forward to working with the founders and the whole Trü Frü team to help them continue their long-term growth journey and bring the brand to even more people.”
Trü Frü was founded in 2017 by its management team: CEO Brian Neville, President Taz Murray and COO Brandon O’Brien. It is headquartered in West Valley City, Utah, and has about 50 employees.
“We are delighted to be joining the Mars family of brands,” Neville said. “Over the years, we have observed Mars’ success in building a global better-for-you snacking platform with both KIND and Nature’s Bakery.
“From the first moment we met the Mars team, we realized they were the right long-term partner for the company we had founded and invested so much of our time and energy in. They share our passion for healthier snacking, respect and admire the values that have made us successful, and have the capabilities we need to take our company to next level.”
With the addition of Trü Frü, Mars will be able to meet a range of dietary and taste preferences. Trü Frü will operate as a separate business within Mars, led by Neville.
Wells Fargo Securities served as Mars’ financial advisor, and Simpson Thacher acted as Mars’ legal advisor. Houlihan Lokey served as Trü Frü’s financial advisor, and Parr Brown acted as Trü Frü’s legal advisor.
Mars Inc. has a large portfolio of confectionery, food and pet care products, such as Ben’s Original, Cesar, Cocoavia, Dove, Extra, Kind, M&M’s, Snickers, Pedigree, Royal Canin and Whiskas.
For more information about Mars, visit mars.com.