For the last blog post of the year, BAMA wanted to do a quick recap of one of the largest deals to close in 2025. Last year, Mars, Inc. announced its intent to acquire Kellanova in a $35.9 billion all-cash transaction. This deal marked one of the largest food and beverage acquisitions in over a decade, with an expectation to close on December 11, 2025.
While the size of this transaction is global in scope, the strategic motivations behind it mirror many of the same considerations we evaluate every day at Business Acquisition & Merger Associates (BAMA) when guiding middle-market business owners and buyers.
Why the Deal Matters: A Strategic Fit Story
Mars is known worldwide for its confectionery and pet care brands including M&M’s, Snickers, Pedigree, and more. Kellanova operates a powerhouse portfolio of snacks such as Pringles, Cheez-It, Pop-Tarts, Nutri-Grain, and Eggo.
From an M&A strategy standpoint, this deal checks all the boxes we encourage our clients to evaluate:
- Portfolio Diversification & Expansion
Mars gains access to Kellanova’s well-established snack categories, broadening its reach beyond confectionery. At BAMA, we often help buyers pursue acquisitions that strengthen or complement their existing capabilities.
- Market Reach & Distribution Synergies
Kellanova’s international footprint, including strong distribution networks in Africa and Latin America, provides Mars with immediate global expansion. This aligns with the type of strategic fit we identify when advising companies on buy-side searches.
- Alignment with Consumer Trends
Kellanova’s health-oriented brands, such as Nutri-Grain and RXBAR, help Mars tap into the growing demand for better-for-you snacks. Understanding market trends is a core part of BAMA’s approach when assessing acquisition targets.
What BAMA Clients Can Learn From This Deal
Whether your company generates $10 million or $10 billion in revenue, the principles behind a successful acquisition remain consistent:
- Strategic fit is everything - the right buyer or seller accelerates growth.
- Market trends matter - aligning with consumer or industry shifts drives long-term value.
- Integration planning is crucial - value is only realized if cultures and operations align.
- Experienced advisors make a difference, from valuation to negotiation to closing.
At BAMA, we guide business owners and acquirers through these same considerations every day. The Mars/Kellanova transaction illustrates how thoughtful strategy and strong execution can create lasting value, no matter the size of the deal.
Business Acquisition & Merger Associates (www.buysellyourbusiness.com), a Charlotte, NC advisory firm, assists business owners in growth recapitalizations, business transfers to financial or strategic buyers, and management buyouts. BAMA also helps companies grow by providing buy-side sourcing services that identify potential add-on acquisitions to expand geographic footprint or add strategic products and capabilities.