Last updated on August 2nd, 2023 at 12:03 pm
McLean, Virginia-based Mars Inc. has completed the acquisition of Kevin’s Natural Foods.
Kevin’s makes chef-inspired sous-vide meals, sides and sauces. Founded in 2019, it has experienced double-digit growth and is available in more than 17,000 retail locations.
“This is an important milestone for Kevin’s Natural Foods, and I want to thank every colleague at Kevin’s whose hard work has brought us here,” said Kevin McCray, president and co-founder.
Kevin’s Natural Foods will operate as a standalone business within Mars Food and Nutrition, reporting to its president, Shaid Shah.
In a statement, Shah welcomed the addition.
“We have been hugely inspired by Kevin’s, a business whose mission fits squarely with our purpose: ‘Better Food Today. A Better World Tomorrow,’” Shah said.
“The Kevin’s Natural Foods team has delivered impressive growth since it was founded four years ago, and we look forward to drawing on our experience of nurturing and scaling founder-led brands to help bring their products to even more people.”
Shah continued, “With its high quality, nutritious and convenient products, which never compromise on flavor, Kevin’s Natural Foods has its finger on the pulse of how consumers want to eat today.”
Co-founded by Dan Costa, Kelsie Costa-Olson and McCray, the company is headquartered in Modesto, California, and has about 180 employees. Its products are sold in the U.S., U.K., Canada and Mexico.
“Mars Food and Nutrition shares our vision and passion for the role food plays in people’s lives. We founded Kevin’s with the mission to empower even the busiest people to eat nutritious, great tasting meals in minutes,” McCray said.
“Joining the Mars Food & Nutrition portfolio of brands will allow us to accelerate the development of more product innovations and support our mission of bringing Kevin’s to more consumers across markets.”
Costa added, “As a standalone business within Mars Food and Nutrition, we’ll be able to maintain the entrepreneurial spirit and authenticity of our brand while getting the support and capabilities to continue our long-term growth journey. It’s a tremendous milestone for Kevin’s Natural Foods and our team, and we’re excited for what’s ahead.”
This acquisition includes an exit of Kevin’s minority partners, TowerBrook Capital Partners, an international investment management firm, and NewRoad Capital Partners.
Citi served as Mars’ financial advisor, and Simpson Thacher & Bartlett, Covington & Burling and ArentFox Schiff acted as Mars’ legal advisors.
Wells Fargo Securities served as Kevin’s Natural Foods’ exclusive financial advisor, and Sheppard Mullin acted as Kevin’s Natural Foods’ legal advisor.
Read more on the latest organic and natural innovations and news from The Shelby Report.
Update: This post has been revamped and updated for accuracy and comprehensiveness.