Mars Food completes acquisition of Preferred Brands International and Tasty Bite
03 Nov 2017 --- Mars Food has finalized the acquisition of Preferred Brands International. It has now officially acquired the Stamford, Connecticut, 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.
“I’m delighted that we have completed the acquisition of Preferred Brands International and Tasty Bite,” comments Mars Food Global President Fiona Dawson on the finalization of the deal. “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.”
“Tasty Bite is a fast-growing Indian/Asian dinnertime brand,” said Dawson at the time of the confirmation of the deal back in August. “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.”
Deal brings together strong businesses
The acquisition by Mars will put it in control of a Tasty Bite portfolio that includes a wide range of vegetarian offerings, including Indian/Asian entrees, spice and simmer meal kits, and organic rice and lentils.
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 as India legal advisor. Preferred Brands International was represented by Goldman Sachs, The Giannuzzi Group, and Shardul Amarchand Mangaldas.
“We’re thrilled to be joining the Mars Food family,” said Tasty Bite CEO Ashok Vasudevan at the time of the confirmation. “The nearly quarter century of uninterrupted growth of Tasty Bite since its inception was powered by our deep commitment to sustainable practices and to the pursuit of consumer delight.”
“Mars is one of the largest food companies in the world and a recognized leader and role model for corporate sustainability,” Vasudevan continued. “Mars Foods’ strong brand portfolio, global infrastructure, and shared values make it well-positioned to take Tasty Bite to the next level.”
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 of India. This subsidiary will continue to be listed after the acquisition.
