Mars makes a move for Asian food brand Tasty Bite
16 Aug 2017 --- Mars Food has announced the definitive agreement to acquire the owner of Tasty Bite – a brand of ready-to-heat Indian and Asian food products, Preferred Brands International. The Connecticut-based manufacturer and marketer sells under the Tasty Bite brand, offering a wide range of vegetarian and Asian inspired dishes.
Financial details of the deal have not disclosed. The deal is subject to regulatory approval and is expected to close by the fourth quarter of the year. Speaking to FoodIngredientsFirst, a spokesperson from Mars Food confirmed: “We expect the closing of the acquisition to occur sometime in September.”
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 foodservice in India.
The agreement will bring together two strong food businesses focused on delivering healthy and convenient foods that bring enjoyment to consumers’ dinner tables. 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 and Dolmio.
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 foodservice business under which it supplies food products to other leading food manufacturers and quick service restaurants in India.
“Tasty Bite’s broad range of dinner time products, focused on Indian and Asian cuisines, makes it a natural complement to our existing portfolio,” said Mars Food Global President Fiona Dawson. “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.”
"We’re thrilled to be joining the Mars Food family,” said Tasty Bite CEO Ashok Vasudevan. “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. Mars Foods’ strong brand portfolio, global infrastructure, and shared values make it well-positioned to take Tasty Bite to the next level.”
By Elizabeth Green
