16 August 2017 | News | By NFS Correspondent
Mars Food has signed a definitive agreement to acquire Preferred Brands International, a Stamford, Connecticut-based, fully integrated manufacturer and marketer of all-natural, ready-to-heat Indian and Asian food products sold primarily under the Tasty Bite brand.
Tasty Bite’s portfolio includes a wide range of vegetarian offerings, including Indian or 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 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 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, MASTERFOODS, DOLMIO, SEEDS OF CHANGE, and others.
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 has a subsidiary 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.
The acquisition of Preferred Brands International is subject to applicable regulatory approvals and is expected to close by Q4 2017. Morgan Stanley & Co. LLC served as financial advisor to Mars Food. Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor to Mars Food, and AZB & Partners served as India legal advisor. Tasty Bite was represented by Goldman Sachs, The Giannuzzi Group, and Shardul Amarchand Mangaldas.