M&A TRANSACTION · 2024
Kellanova acquired by Mars, Inc.
$35.90B· 16.4x EBITDA· 2.80x revenue
Target
Kellanova
Chicago, Illinois
Global snacking company with brands including Pringles, Cheez-It, Pop-Tarts, Rice Krispies Treats, Eggo
Acquirer
Mars, Inc.
Strategic buyer
Disclosed financials at time of acquisition
Revenue
$12670.0M
EBITDA
$2189.0M
Deal Value
$35.90B
EV/EBITDA
16.4x
Context
This $35.90B acquisition of Kellanova by Mars, Inc. sits in the food manufacturing sub-vertical. The 16.4x EBITDA multiple paid in 2024 can be compared against the population median for food manufacturing transactions of similar size on our Food Manufacturing valuation hub. Mars, Inc. is acquiring as a strategic buyer; see how strategic acquirers typically price food manufacturing businesses on our Food Manufacturing strategic buyer-pool page.
Source
Data sourced from Mars Press Release — primary source. All figures reflect disclosed values at the time of the acquisition; no estimated or imputed data. Methodology
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