Mars acquires Trü Frü
Mars is set to acquire Trü Frü, a high-growth, better-for-you, whole-fruit snacking brand from its founders and management team.
Trü Frü's innovative, unique snacks are made from real fruit and immersed in premium chocolate. The snacks are available in both a frozen and shelf-stable format across the United States. The brand has demonstrated strong consumer appeal, and its total sales have increased by more than fivefold since 2017.
Trü Frü was founded in 2017 by its management team, CEO Brian Neville, president Taz Murray, and chief operating officer Brandon O'Brien. Trü Frü is headquartered in West Valley City, Utah, and has approximately 50 employees.
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We are thrilled to welcome one of the most innovative fruit-based snacks in the U.S. into the Mars family of brands," Andrew Clarke, global president of Mars Snacking said. "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. We are looking forward to working with the founders and the whole Trü Frü team to help them continue their long-term growth journey and bring the brand to even more people."
"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," Brian Neville, CEO and co-founder of Trü Frü, said. "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. They share our passion for healthier snacking, respect and admire the values that have made us successful and have the capabilities we need to take our company to next level."
Trü Frü is complementary to Mars' platform of fast-growing health and wellness brands, which includes KIND, a nut-based snacking leader, and Nature's Bakery, a baker of fruit-based wholesome snacks.
Mars said that with the addition of Trü Frü, it will be able to meet a growing range of dietary and taste preferences. Like KIND and Nature's Bakery, Trü Frü will operate as a separate business within Mars to maintain its entrepreneurial spirit and the authenticity of its brand and culture. To preserve its legacy, the business will be led by current CEO, Brian Neville.
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The transaction is expected to close in the first quarter of 2023. The terms of the transaction were not disclosed.
Wells Fargo Securities served as Mars' financial advisor, and Simpson Thacher acted as Mars' legal advisor. Houlihan Lokey served as Trü Frü's financial advisor, and Parr Brown acted as Trü Frü's legal advisor.