Kevin's Natural Foods Acquisition, Valuation, Funding & Investors

Kevin's Natural Foods was acquired by Mars for $810M in July 2023, a 5.8x multiple on $140M of revenue.

Kevin's Natural Foods acquisition price

$810M

Acquired by Mars · Jul 2023

Kevin's Natural Foods revenue at acquisition

$140M

Last twelve months · Jul 2023

Kevin's Natural Foods revenue multiple at acquisition

5.8x

EV/Revenue · Jul 2023

Key investors in Kevin's Natural Foods

  • TowerBrook Capital Partners
  • NewRoad Capital Partners

Kevin's Natural Foods Overview

About Kevin's Natural Foods

Kevin's Natural Foods is a Chicago-based manufacturer of clean-ingredient, ready-to-eat meals using antibiotic-free meats and organic vegetables. Offerings include vacuum-sealed entrees like Thai sweet chili chicken, roasted garlic beef, and vegetable sides, prepared in minutes. The company also produces sauces such as gochujang and lemongrass coconut. Products target paleo, keto, and gluten-free consumers through retail channels including Whole Foods and Amazon.


Founded

2014

HQ

United StatesStockton, CA

Status

Acquired

Customer focus

B2C

Revenue model

Product sales

Revenue

$140M (Jul 2023)

Valuation

$810M (acquired Jul 2023)

Kevin's Natural Foods Acquisition

Kevin's Natural Foods was acquired by Mars for $810M on 5 July 2023.

The acquisition price implies a 5.8x revenue multiple on $140M of revenue.

Kevin's Natural Foods acquisition details
AcquirerDateTypePriceEV/Revenue
  • Mars
5 Jul 2023PE buyout$810M5.8x

Kevin's Natural Foods Funding History

Kevin's Natural Foods has raised 1 funding round.

Kevin's Natural Foods funding rounds
DateStageInvestorsDeal Summary
Sep 2021Undisclosed stageTowerBrook Capital Partners (lead); NewRoad Capital Partners (lead)Kevin's Natural Foods announced on 3 September 2021 a minority investment from TowerBrook Capital Partners and NewRoad Capital Partners. Financial terms were not disclosed and the founders retained control of the business. The capital was intended to support the brand's expansion in refrigerated prepared foods, where it sells chef-inspired sous-vide entrees, sides and sauces made from whole-food ingredients. Kevin's Natural Foods is based in Modesto, California and distributes through national grocery and club retailers. The company became a Certified B Corporation in February 2023. Both minority investors exited in July 2023 when Mars agreed to acquire the company.

Who has invested in Kevin's Natural Foods?

2 investors have backed Kevin's Natural Foods across its funding rounds, including TowerBrook Capital Partners and NewRoad Capital Partners.

Lead investors include TowerBrook Capital Partners and NewRoad Capital Partners.


Kevin's Natural Foods Investors

Investors in Kevin's Natural Foods by funding rounds participated
InvestorHQRoundsRoleFirst check

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Kevin's Natural Foods Competitors

Kevin's Natural Foods competitors include listed companies like Frosta, Agrana Beteiligungs, Efor Cay and Standard Foods, and private ones like Country Delight and Athletic Brewing.

Public and private companies comparable to Kevin's Natural Foods
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
FrostaGermanyGermanyPublicly listed$785M$81M$811M-
Agrana BeteiligungsAustriaAustriaPublicly listed$3.7B$120M$813M0.4x
Efor CayTurkeyTurkeyPublicly listed$253M$12M$814M-
Standard FoodsTaiwanTaiwanPublicly listed$875M$67M$804M-
Country DelightIndiaGurgaonPrivate$148M-$820M5.5x
Athletic BrewingUnited StatesBoston, MAPrivate$90M-$800M8.9x

Kevin's Natural Foods Public Comps

Kevin's Natural Foods is no longer listed, but its public comps include Frosta, Agrana Beteiligungs, Efor Cay, Standard Foods, Acomo, Neto Malinda Trading, Edita Food Industries, John B. Sanfilippo & Son, Baladi and Hilton Food Group.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Frosta$785M$81M0.9x-8.9x-
Agrana Beteiligungs$3.7B$120M0.4x0.4x11.9x6.2x
Efor Cay$253M$12M3.4x-71.8x-
Standard Foods$875M$67M0.8x-11.1x-
Acomo$1.7B$147M0.7x0.7x8.3x8.7x
Neto Malinda Trading$1.7B$123M0.5x-7.4x-
Edita Food Industries$401M$81M2.1x1.8x10.6x8.5x
John B. Sanfilippo & Son$1.2B$119M0.8x0.8x7.5x7.6x

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Common questions about Kevin's Natural Foods

When was Kevin's Natural Foods founded?Kevin's Natural Foods was founded in 2014.
Where is Kevin's Natural Foods headquartered?Kevin's Natural Foods is headquartered in Stockton, CA, United States.
Is Kevin's Natural Foods publicly listed?No, Kevin's Natural Foods was acquired by Mars in July 2023.
Who acquired Kevin's Natural Foods?Kevin's Natural Foods was acquired by Mars in July 2023.
How much was Kevin's Natural Foods acquired for?Kevin's Natural Foods was acquired for $810M in July 2023, a 5.8x revenue multiple.
What was Kevin's Natural Foods' last funding round?Kevin's Natural Foods' last funding round was a undisclosed-stage round in September 2021, led by TowerBrook Capital Partners and NewRoad Capital Partners.
Who are Kevin's Natural Foods' investors?Kevin's Natural Foods' investors include NewRoad Capital Partners and TowerBrook Capital Partners.
Which companies are comparable to Kevin's Natural Foods?Companies comparable to Kevin's Natural Foods include Frosta, Agrana Beteiligungs, Efor Cay, Standard Foods, Country Delight and Athletic Brewing.

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