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.”
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