Mars Food agrees to acquire Tasty Bite
Mars Food is to be a major stake in Preferred Brands International, the US manufacturer and marketer of Indian and Asian ready meals under the brand name Tasty Bite. Mars Food – a subsidiary of Mars Incorporated – will add Tasty Bite to its growing portfolio of spice, rice and pasta sauces made by Dolmio, Uncle Ben’s and Masterfoods among others.
Tasty Bite manufactures products out of its manufacturing facility in Pune, India and exports the majority of its products to the US. Tasty Bite’s portfolio includes a wide range of vegetarian offerings, including Indian/Asian entrees. 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 its foodservice in India. The terms of the acquisition by Mars Food, which is subject to regulatory approval and not expected to close until the fourth quarter, have not been not disclosed.
Preferred Brands International also enjoys a significant foodservice business, which sees it supply food products to other leading food manufacturers and quick service restaurants in India. Tasty Bite will continue to be listed on the Bombay Stock Exchange and the National Stock Exchange of India following its acquisition.
Mars Food Global President Fiona Dawson: “Tasty Bite is a fast growing Indian/Asian dinner time brand. Upon closing of the acquisition of Tasty Bite, 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.”
Tasty Bite CEO Ashok Vasudevan: “We’re thrilled to be joining the Mars Food family. The nearly quarter of a century of uninterrupted growth of Tasty Bite, since its inception, was powered by our deep commitment to sustainable practices and to the pursuit of consumer delight.”
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