Mars, Incorporated has announced that it has signed a definitive agreement to acquire a significant majority stake in foodspring, a direct-to-consumer targeted nutrition company based in Berlin and led by its founders. On completion of the transaction, foodspring will remain a standalone business led by the founders within Mars Edge, a segment of Mars, Incorporated. It will continue to operate out of its headquarters in Germany.
foodspring was founded by entrepreneurs Philipp Schrempp and Tobias Schüle with their financial co-founding partner ECONA AG in 2013. It is now one of the largest and fastest growing targeted nutrition businesses in Europe, with currently six focus countries and 130 Associates.
Jean-Christophe Flatin, President, Mars Edge said, “When we started Mars Edge, we set out to connect the food you want with the nutrition you need. Over the past six years, foodspring has been at the forefront of doing just that. Its targeted nutrition business has a distinctive position and loyal consumer base in Europe. We share the same vision to improve the way people live through nutrition and together we will use foodspring’s expertise across digital know-how, branding and food innovation to build one of the leading platforms in this space. The depth of knowledge on consumer needs brought by foodspring is a great asset and will help us to pioneer the emerging space of personalized nutrition.”
Philipp Schrempp, Founder & CEO, foodspring said, “We are looking forward to accelerating the growth of our business by drawing on Mars’ global infrastructure, marketing and science capabilities, as well as its expertise in quality and food safety. We started foodspring because we realized that there was room to innovate the functional food category and better serve consumers for whom fitness and health were central parts of their lifestyles. And once we had started the business we soon discovered that nutrition didn’t mean you have to compromise on taste and convenience.”
Tobias Schüle, Founder & CEO, foodspring said, “It was clear from early on in discussions that we shared a vision and passion with the Mars Edge team. Like them, we want to use our depth of knowledge on consumer needs to pioneer the emerging space of personalized nutrition. The food industry is on a huge transformational path towards improving nutrition so people can reach their goals and improve their health. And together with Mars Edge we want to take the lead in this transforming category.”
The transaction is subject to customary regulatory approvals. It is expected that the transaction will close in the third quarter 2019. Financial terms of the transaction were not disclosed.
BDT & Company LLC acted as financial advisor and Freshfields Bruckhaus Deringer acted as legal counsel to Mars Edge. foodspring was advised by Houlihan Lokey as financial advisor and Lacore as legal counsel.