Confectionery manufacturer Mars Inc has announced plans to 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.
Kind North America will function as a separate business within Mars and the acquisition will add to Mars' existing partnership with Kind International that operates across 35 countries.
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.
Both the companies declined to comment on the value of the deal.
Healthy Eating Habits
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 an 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.
News by Reuters edited by Donna Ahern, Checkout. Click subscribe to sign up for the Checkout print edition.