Baking & Snack - October 2024 - 10
Mars expands portfolio with
Kellanova acquisition
McLean, Va.-based Mars Inc. is acquiring Kellanova, Chicago, for
approximately $35.9 billion. The acquisition underpins Mars' ambition
to double the size of its snack business in the next decade,
according to the company.
The details of the agreement are that Mars will pay Kellanova
shareholders $83.50 per share in cash for a total consideration just
shy of $36 billion. Mars said it intends to finance the acquisition
through a combination of cash on hand and new debt, for which
commitments have been secured.
In return, Mars gets a business with such popular brands as
Pringles, Cheez-It, Pop-Tarts, Rice Krispies Treats, Eggo and
MorningStar Farms. In fiscal 2023, Kellanova had $13 billion in
sales and employed approximately 23,000.
" In welcoming Kellanova's portfolio of growing global brands,
we have a substantial opportunity for Mars to further develop a
sustainable snacking business that is fit for the future, " said Poul
Weihrauch, chief executive officer and president of Mars. " We
will honor the heritage and innovation behind Kellanova's incredible
snacking and food brands while combining our respective
strengths to deliver more choice and innovation to consumers
and customers. "
Once the acquisition is closed, Kellanova will become a part of
Mars Snacking, which is in Chicago and led by Andrew Clarke,
global president.
" The Kellanova brands significantly expand our snacking platform,
allowing us to even more effectively meet consumer needs
and drive profitable business growth, " Clarke said. " Our complementary
portfolios, routes-to-market and R&D capabilities will
unleash enhanced consumer-centric innovation to shape the future
of responsible snacking. "
Other snack brands owned by Mars include Kind, M&M's,
Milky Way, Skittles, Snickers and others.
In announcing the agreement, Mars outlined several benefits of
the acquisition, including expanding Mars' snack portfolio with
differentiated brands, untapped potential in international markets
and combining complementary capabilities that may unlock
growth and innovation.
" This is a truly historic combination with a compelling cultural
and strategic fit, " said Steve Cahillane, president and CEO of
Kellanova. " Kellanova has been on a transformation journey to
become the world's best snacking company, and this opportunity
to join Mars enables us to accelerate the realization of our full potential
and our vision. "
The agreement has been approved by the board of directors of
Kellanova. The transaction is subject to Kellanova shareholder approval
and other customary closing conditions, including regulatory
approvals, and is expected to close within the first half of
2025, according to Mars.
- Keith Nunes, Food Business News
10 Baking & Snack October 2024 / www.bakingbusiness.com
Falfurrias Management
takes stake in Snak King
Snak King, a City of Industry, Calif.-based manufacturer of private
label and co-manufactured snack products, has received an
undisclosed investment from Charlotte, NC-based private equity
firm Falfurrias Management Partners. As part of the transaction,
several executives with food industry experience are joining the
company's board of directors.
Snak King is a manufacturer of chips, pork rinds, cheese puffs
and other snack products. The company has manufacturing plants
in Southern California and Chicago and employs 780 people. In
addition to its co-manufacturing and private label businesses,
Snak King also has such brands as El Sabroso, The Whole Earth,
Granny Goose and Jensen's Orchard.
Joining Barry Levin, Snak King's chief executive officer, on the
board will be Ken Walker, partner and executive chairman with
Falfurrias; Chip Johnson, a partner with Falfurrias; Dave Katz,
president and chief operating officer of Coca-Cola Consolidated;
Bill Lovette, chief executive officer of Sauer Brands; and Bill Ladd,
former senior executive and vice president of supply chain transformation
at PepsiCo Inc.
" Falfurrias identified private label salty snacks as a major category
of interest based on our ongoing 'industry first' research, "
Johnson said. " Snak King's differentiated products and capabilities,
industry leadership and team-oriented culture stood out to
us, and we're excited to partner with Barry and the rest of the Snak
King team to continue growing their business. "
Other
food companies Falfurrias has invested in include
Carolina Foods, Local Hive and Sauer Brands.
" Snak King's dedicated team and our steadfast customer-first
mentality have enabled us to transform over the past 46 years
from a small-scale pork rind business to an operation that delivers
a broad range of innovative snacking options to food brands, retailers
and customers around the country, " Levin said. " Falfurrias'
experience will be enormously beneficial as we partner to achieve
Snak King's next phase of growth. "
- Brooke Just, Food Business News
http://www.bakingbusiness.com
Baking & Snack - October 2024
Table of Contents for the Digital Edition of Baking & Snack - October 2024
Baking & Snack - October 2024 - Intro
Baking & Snack - October 2024 - 1
Baking & Snack - October 2024 - 2
Baking & Snack - October 2024 - 3
Baking & Snack - October 2024 - 4
Baking & Snack - October 2024 - 5
Baking & Snack - October 2024 - 6
Baking & Snack - October 2024 - 7
Baking & Snack - October 2024 - 8
Baking & Snack - October 2024 - 9
Baking & Snack - October 2024 - 10
Baking & Snack - October 2024 - 11
Baking & Snack - October 2024 - 12
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Baking & Snack - October 2024 - 18
Baking & Snack - October 2024 - 19
Baking & Snack - October 2024 - 20
Baking & Snack - October 2024 - 21
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Baking & Snack - October 2024 - 30
Baking & Snack - October 2024 - 31
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Baking & Snack - October 2024 - 33
Baking & Snack - October 2024 - 34
Baking & Snack - October 2024 - 35
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Baking & Snack - October 2024 - 54
Baking & Snack - October 2024 - 55
Baking & Snack - October 2024 - 56
Baking & Snack - October 2024 - 57
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