M&As this week: Mars Food, Sundiro Holding, Naturally Splendid Enterprises
Mars Food has agreed to acquire Preferred Brands International (PBI), an Indian and Asian food manufacturer based in the US. PBI sells its products under the Tasty Bite brand.
The acquisition is expected to add a natural complement to Mars Food’s existing portfolio.
PBI manufactures products at its Pune facility in India, the majority of which are exported to the US. The company also sells items through retailers in the UK and Australia, as well as through food service providers in India.
Mars Food produces sauces, meal kits and spices and sells them under brands such as Uncle Ben's, Masterfoods, Dolmio, and Seeds of Change.
China-based Sundiro Holding has reached an agreement with Pacific Ocean Cattle Holdings to acquire a 100% stake in Uruguay-based beef processing companies Lirtix and Rondatel for $82.3m.
The acquirer is engaged in coal mining and logistics operations.
Naturally Splendid Enterprises (NSE) has reached an agreement to acquire iCream Capital’s subsidiary Prosnack Natural Foods.
NSE will pay $0.2m cash to iCream, in addition to issuing 1,098,901 common shares worth approximately C$0.186m ($0.146m), as part of the transaction.
NSE will also gain ownership of automated manufacturing equipment in Prosnack’s North Vancouver manufacturing facility as part of the transaction.
The acquirer produces hemp seeds, hemp protein powder, organic hemp seed oil, and hemp-based supplements, while the target company produces and exports natural protein products, including energy bars and oatmeal.
All three companies involved in the transaction are based in Canada.