Mars Food Expands its Portfolio With Acquisition
Mars Food, part of Mars Incorporated, is acquiring Preferred Brands International, a US-based, fully integrated manufacturer and marketer of all-natural, ready-to-heat Indian and Asian food products sold primarily under the Tasty Bite® brand. Tasty Bite’s® portfolio includes a wide range of vegetarian offerings, including Indian/Asian entrees, spice and simmer meal kits, and organic rice and lentils. While the majority of sales are generated in North America, Preferred Brands International also manufactures products that are sold through retailers in the UK and Australia and through food service in India.
Fiona Dawson.
Mars Food has a broad portfolio of brands including ready-to-eat and dry rices and grains, sauces, meal kits, meal helpers, and spices under the brands UNCLE BEN’S®, MASTERFOODS®, DOLMIO®, SEEDS OF CHANGE®, and others.
Tasty Bite® manufactures products out of its Pune, India manufacturing facility and exports the majority of its products to the US. Preferred Brands International also enjoys a significant food service business under which it supplies food products to other leading food manufacturers and quick service restaurants in India.
Tasty Bite® has a subsidiary which is listed on the Bombay Stock Exchange and the National Stock Exchange of India. This subsidiary will continue to be listed after the acquisition.
“Tasty Bite’s® broad range of dinner time products, focused on Indian and Asian cuisines, makes it a natural complement to our existing portfolio,” says Fiona Dawson, global president at Mars Food. “Tasty Bite® is a fast growing Indian/Asian dinner time brand. Upon closing of the acquisition of Tasty Bite®, Mars Food will expand our all-natural vegetarian offerings in the US, and leverage Tasty Bite’s® strong product development pipeline, flavor expertise, and strategic sourcing of quality ingredients throughout our portfolio.”
Preferred Brands International has a record of uninterrupted growth since it was founded 23 years ago. Ashok Vasudevan, chief executive of Tasty Bite, says. “Mars is one of the largest food companies in the world and a recognized leader and role model for corporate sustainability. Mars Foods’ strong brand portfolio, global infrastructure, and shared values makes it well-positioned to take Tasty Bite to the next level.”
The acquisition of Preferred Brands International is subject to applicable regulatory approvals and is expected to close before the end of 2017.
