“Mars Food has signed a definitive agreement today to acquire Preferred Brands International, a Stamford, Connecticut-based, fully integrated manufacturer and marketer of all-natural ready-to-heat Indian and Asian food products sold primarily under the Tasty Bite brand,” it said in a statement.
The acquisition of Preferred Brands International is subject to applicable regulatory approvals and is expected to close by the last quarter of 2017, it added.
Tasty Bite manufactures products out of its Pune manufacturing facility and exports the majority of its products to the US.
Preferred Brands International also has a significant food-service business under which it supplies food products to other food manufacturers and quick service restaurants in India.
Tasty Bite’s portfolio includes a wide range of vegetarian offerings, including Indian and Asian entrees, spice and simmer meal kits, and organic rice and lentils.
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 through food-service in India.
“Tasty Bite’s broad range of dinner time products, focused on Indian and Asian cuisines, makes it a natural complement to our existing portfolio,” Global President, Mars Food, Fiona Dawson said.
“It 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, flavor expertise, and strategic sourcing of quality ingredients throughout our portfolio,” she added.
Tasty Bite has a subsidiary which is listed on BSE and NSE and the subsidiary will continue to be listed after the acquisition.