Mars to acquire American whole-fruit snacking brand Trü Frü
Mars, an American multinational confectionery, pet food, and other food products manufacturer, will acquire Trü Frü, a whole-fruit snacking brand, to meet growing demand in better-for-you snacking space.
The terms of the transaction were not divulged.
Trü Frü complements Mars’ health and wellness brands, which include KIND, a nut-based snacking, and Nature’s Bakery, a fruit-based wholesome snacks baker.
The snacks of Trü Frü are made from fruit and chocolate, and are available in a frozen as well as a shelf-stable format in the US.
Trü Frü’s total sales are said to have increased by more than fivefold since the inception of the brand in 2017.
Andrew Clarke — Mars Snacking Global President, commenting on Mars acquisition of Trü Frü, said: “We are thrilled to welcome one of the most innovative fruit-based snacks in the U.S. into the Mars family of brands.
“Trü Frü is a perfect complementary fit for our health & wellness portfolio and our capabilities will help the brand strengthen its operations, broaden distribution and accelerate growth.
“We want to be the preferred home for emerging and founder-led brands like Trü Frü.”
Post-closing, the whole-fruit snacking brand Trü Frü, like Kind and Nature’s Bakery, will operate as a separate business within Mars and will be led by current CEO Brian Neville.
Wells Fargo Securities and Houlihan Lokey served as financial advisors to Mars and Trü Frü, respectively.
Simpson Thacher and Parr Brown acted as legal advisors for Mars and Trü Frü, respectively.
The completion of the transaction is expected in the first quarter of 2023, subject to customary regulatory approvals.
Trü Frü was founded by its management team, CEO Brian Neville, President Taz Murray, and chief operating officer Brandon O’Brien.
Commenting on Mars acquisition of Trü Frü, Brian Neville said: “We are delighted to be joining the Mars family of brands. Over the years, we have observed Mars’ success in building a global better-for-you snacking platform with both KIND and Nature’s Bakery. From the first moment we met the Mars team, we realized they were the right long-term partner for the company we had founded and invested so much of our time and energy in.”
Mars with almost $45 billion in annual sales, produces brands including Ben’s Original, Cocoavia, Cesar, Extra, Dove, Kind, M&M’s, Pedigree, Snickers, Royal, Whiskas, and Canin.