Mars, the maker of M&M candy and Ben’s Original rice, has agreed to acquire snack-bar maker Kind North America.
Kind will become “a distinct and separate business within the Mars family of companies,” Mars said in a statement Tuesday. The companies had already partnered in an effort to expand Kind products into international markets.
Kind founder and Executive Chairman Daniel Lubetzky will remain involved in the brand and retain a financial stake. The companies did not release financial terms.
The New York Times, which earlier reported the deal, said Mars placed a $5 billion valuation on Kind, citing unidentified people familiar with the terms.