Mars Inc. has entered into an agreement to acquire Grupo Turin, the manufacturer of chocolates in Mexico since 1928 and owner of brands such as Conejos and Turin. The transaction is subject to approval from the Mexican Antitrust Commission. The parties expect to complete the transaction in Q1 2016 and will continue to operate separately until then.
Mars believes this acquisition, combined with the capabilities of its local team, will uniquely position the business unit in Mexico to take advantage of the projected growth of the Mexican chocolate category over the next decade.
Turin's portfolio offers a strong strategic fit with Mars Chocolate's current product offerings. Leveraging their robust Food Service business will enable Mars Chocolate to continue its profitable growth in the market in new and innovative ways.
As family owned businesses, Mars and Turin share similar core principles and values. Like Mars, Turin has a strong commitment to quality, and this has enabled them to build trusted brand that consumers love. With over 85 years of experience, Turin has a long history of building strong partnerships with global partners, and Mars Chocolate is excited to continue that tradition.
Mars Chocolate looks forward to learning from the expertise and experiences of Turin, and sharing its own strengths for the mutual benefit of both companies. The talent that has made Turin a very successful business will provide Mars with new capabilities insights, and will add significant value to the business as a whole.
"When this transaction is completed, we will be proud to welcome Turin Associates to Mars," said Jean-Christophe Flatin, Global President of Mars. "The strong cultural heritage of the two companies and our shared commitment to develop best in class talent, quality products and brands are great fundamentals on which to deliver value to our customers and our consumers in Mexico."
Turin has been at the heart of its founding family since it began in 1928. The owners are very proud of what they have built together with their team over the last 87 years. This small family business has become a beloved Mexican chocolate brand with international presence. The owners have indicated that a big factor in the decision to accept this proposal is the fact that Turin will remain a family-owned business, providing Turin with greater possibilities for their brands and team members. They expressed their excitement about the future of Turin as a part of Mars.