(Reuters) - Candy manufacturer Mars Inc said on Tuesday it would buy Kind North America, the company that makes healthy granola and energy bars, as the Snickers and M&M maker looks to extend its global reach.
The acquisition of Kind North America will add to Mars’ existing partnership with Kind International that operates across 35 countries. Kind will operate as a separate business within Mars globally, the companies said.
Terms of the deal were not disclosed. The New York Times reported that the deal valued Kind at about $5 billion, citing people familiar with the matter. (nyti.ms/3pCsXD9)
Both the companies declined to comment on the value of the deal.
The deal comes three years after Mars bought a minority stake in Kind to cater to consumers’ healthy eating habits. The healthy snack maker’s founder Daniel Lubetzky will retain ongoing financial stake in Kind.
Mars has made a series of acquisitions over the years as it expands beyond candies, spending billions of dollars to add pet food brands such as Iams, Pedigree and Royal Canin to its portfolio.
Demand for healthy snacks has also risen during the COVID-19 pandemic as consumers limiting restaurant visits and working from homes stock up on snacks.
Reporting by Nivedita Balu in Bengaluru; Editing by Shailesh Kuber
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