US – American healthy snack manufacturer Kind has entered into an agreement to buy snack bar brand specializing in a range of plant-based and nut-free snack bars Nature’s Bakery.
Founded in 2011, Nature’s Bakery has a portfolio, which includes fig bars, brownie bars and other soft-baked options.
Its acquisition is seen by many analysts as a natural step in Kind’s growth strategy as its portfolio is said to provide a differentiated and complementary offering to Kind’s existing range.
“If you look at pantries across the country, odds are you will find Kind and Nature’s Bakery products sitting side by side,” said Daniel Lubetzky, founder and executive chairman of Kind.
“Both brands have created loyal followings by being true to their unique value propositions. It comes as no surprise that, along with Kind, they remain one of the growth leaders within the snack bar category.”
The intended acquisition of Nature’s bakery comes barely a month after Kind was acquired by American multinational confectionary company Mars Inc. in a deal that was reported to be over US$5 billion.
Mars had at the time of acquisition reported that Kind would remain a distinct and separate business within the Mars family of companies.
According to a statement from Kind, the acquisition aligns with the company’s aim to create a ‘foremost health and wellness platform’ that will function as a distinct and separate business within the Mars portfolio.
“We are excited to welcome them to the Kind family and support the team’s next chapter as part of our growing health and wellness platform,” Lubetzky added.
Chris Lansing will continue as CEO of Nature’s Bakery under the company’s new ownership, reporting to Juan Martin, global president for Kind.
“We know consumers love our soft-baked snacks, and this is a unique opportunity to introduce even more families to our full portfolio of snacks, baked with the nourishing ingredients and delicious recipes we have always been known for,” said Lansing.
The financial terms of the deal have not been disclosed. The transaction is subject to regulatory approvals and customary closing conditions.
Liked this article? Subscribe to Food Business Africa News, our regular email newsletters with the latest news insights from Africa and the World’s food and agro industry. SUBSCRIBE HERE