Mars, the global food giant, has announced that it has signed a definitive agreement to acquire Preferred Brands, which makes ready-to-heat Indian and Asian foods primarily marketed under the Tasty Bite brand.
The Tasty Bite portfolio includes a wide range of vegetarian offerings, including ready meals, meal kits, and organic rice and lentils. While the majority of sales are generated in North America, Preferred Brands also supplies retailers in the UK and Australia and foodservice businesses in India. The firm’s products are manufactured at a facility in Pune, India.
“Today’s agreement 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 said in a statement.
Mars Food global president Fiona Dawson added: “Tasty Bite’s® broad range of dinner time products, focused on Indian and Asian cuisines, makes it a natural complement to our existing portfolio. 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”.
The Hindu Business Line reports that Mars is paying $172.82 million for its 74.23% stake.
Source: Mars / Hindu Business Line