McLean, Virginia-based Mars, Inc. will acquire Kevin’s Natural Foods and its line of sous-vide meals, sides and sauces for an undisclosed sum.
Reuters reported the value of the acquisition is $800 million, citing sources familiar with the transaction.
Kevin’s Natural Foods was founded in 2019 by Kevin McCray, who had battled a severe autoimmune condition for years, but found relief after discovering a paleo-friendly diet. Its entrees and paleo, keto and gluten-free sauces are sold at 17,000 retailers, including Whole Foods Market, Costco and Target, plus online.
The Modesto, California-based company has 180 employees. Its products are sold in the U.S., Canada, Mexico and the U.K.
Kevin’s Natural Foods has seen double-digit sales growth since its founding, the companies said.
“Joining the Mars Food & Nutrition portfolio will allow us to accelerate the development of more product innovations and support our mission of bringing Kevin’s to more consumers across markets,” McCray said.
Mars brands extend well beyond its candy empire, including pet food and pet care, soap and chewing gum. Its food and nutrition segment has 2,000 employees across 30 countries. It acquired snack bar company Kind in 2020 for $5 billion.
Mars is the largest privately-held company headquartered in the D.C. region, with annual revenue of more than $40 billion.
