Mars Food agrees to acquire Tasty Bite manufacturer Preferred Brands International
Mars Food has entered a definitive agreement to acquire US-based Indian and Asian food products manufacturer Preferred Brands International (PBI) for an undisclosed sum.
PBI products are majorly sold under the Tasty Bite brand and include Indian/Asian entrees, spice and simmers meal kits, as well as organic rice and lentils.
Mars Food global president Fiona Dawson said: "Tasty Bite's broad range of dinner time products, focused on Indian and Asian cuisines, makes it a natural complement to our existing portfolio. 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."
The acquisition of PBI is subject to regulatory approvals and expected to close by the fourth quarter of this year.
Following the acquisition, Tasty Bite’s subsidiary will continue to be listed on the Bombay Stock Exchange and the National Stock Exchange of India.
Tasty Bite products are manufactured at its facility in Pune, India, and most of them are exported to the US.
PBI also produces food items sold through retailers in the UK and Australia, as well as through food service in India.
Mars Food offers a broad portfolio of products that include sauces, meal kits and spices under brands such as Uncle Ben's, Masterfoods, Dolmio, and Seeds of Change.