Mars Food has completed the acquisition of Connecticut-based Preferred Brands International, a manufacturer and marketer of all-natural, ready-to-heat Indian and Asian food products sold mainly under the Tasty Bite brand.
Preferred Brands International has an Indian subsidiary in which it holds a majority stake, which is listed on the Bombay Stock Exchange and the National Stock Exchange ofIndia.This subsidiary will continue to be listed after the acquisition.
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 the United States, Preferred Brands International and its subsidiaries also manufacture products that are sold through retailers in the UK, Canada, Australia, and New Zealand and through foodservice in India.
This deal brings together two strong food businesses focused on delivering healthy, tasty, and convenient foods that bring inspiration and enjoyment to the world's dinner table. Mars Food, a segment of Mars, Incorporated, has a broad portfolio of brands loved by consumers around the world, 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 products are manufactured out of a facility in Pune, India, and the majority of its products are exported to the US. Preferred Brands International also enjoys a significant foodservice business under which it supplies food products to other leading Indian food manufacturers and quick service restaurants through its subsidiary in India.
Fiona Dawson, Global President, Mars Food, Drinks and Multisales said: "I'm delighted that we have completed the acquisition of Preferred Brands International and Tasty Bite.From our first meeting with the company we were impressed by the strength of their portfolio, capabilities and the strong values which run through the business, allowing us to deliver against our Purpose: Better Food Today. A Better World Tomorrow."
Morgan Stanley & Co. LLC served as financial advisor to Mars Food through the Preferred Brands International acquisition. Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor to Mars Food, and AZB & Partners served asIndia legal advisor. Preferred Brands International was represented by Goldman Sachs, The Giannuzzi Group, andShardul Amarchand Mangaldas.
