Kind LLC, New York, has reportedly hired investment banks to advise on a minority stake sale it hopes will value the snack bar maker's products at more than $3 billion, including debt, say recent reports including those from Reuters.
The stake sale would test the interest of some of the largest consumer food companies looking to spark sales as consumers turn to novelty and healthier alternatives. A deal could also give Kind, now 13 years old, its first corporate partner to expand both in the U.S. and beyond. Kind has developed a brand of breakfast bars, clusters and fruit bites known for its use of ingredients "people can see and pronounce." It was one of the first popular food snacks to eschew artificial flavors and preservatives, a move larger food companies began embracing as they seek to woo back customers.
The company is said to be working with investment banks BDT Capital Partners and Centerview Partners Holdings LLC on a stake sale, sources said. BDT is also a minority investor in Kind. The process could attract large food companies, the sources pointed out. BDT declined to comment, and Centerview couldn't be immediately reached for comment, Reuters reports.
"Kind is solely focused on becoming the foremost health and wellness leader to provide our consumers with delicious and healthy products so they can do the kind thing every day," noted a Kind spokesman, declining to comment specifically on the stake sale process.