Mars Food, part of Mars Inc, on Monday said it has signed a definitive agreement to acquire Connecticut-based Preferred Brands International, known for its ready-to-heat Indian and Asian food products sold primarily under brand Tasty Bite.
All manufacturing is done by Preferred Brands’ subsidiary in India, Tasty Bite Eatables, out of its Pune facility. The subsidiary is listed on BSE and NSE. “The subsidiary will continue to be listed after the acquisition,” the company said in a statement.
Mars Food Global President Fiona Dawson said: “Tasty Bite is a fast-growing Indian/Asian dinner time brand. Upon closing of the acquisition, Mars Food will expand our all-natural vegetarian offerings in the US and leverage Tasty Bite’s strong product development pipeline, flavour expertise and strategic sourcing of quality ingredients throughout our portfolio.”
The company said the acquisition was subject to regulatory approvals and was expected to close by the fourth quarter of 2017. It did not reveal the financials of the deal.
Ashok Vasudevan, CEO, Preferred Brands, said: “Mars Food’s strong brand portfolio, global infrastructure and shared values make it well-positioned to take Tasty Bite to the next level.”
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.