Jan 14, 2022

1:35 AM IST, 14 Jan 2022 12:43 AM IST, 14 Jan 2022 1:35 AM IST, 14 Jan 2022 Save (Bloomberg) -- Consumer products giant Mars Inc. has agreed to acquire direct-to-consumer pet-food brand Nom Nom in a push to snap up pet-related assets. (Bloomberg) -- Consumer products giant Mars Inc. has agreed to acquire direct-to-consumer pet-food brand Nom Nom in a push to snap up pet-related assets. The Nashville, Tennessee-based company was worth at least $1 billion in the deal, according to a person familiar with the matter, who asked to not be identified because the terms aren’t public. Nom Nom will be an autonomous brand within Mars’s Royal Canin division, a representative for Mars said in a statement Friday. Mars declined to comment on the price. “Nom Nom is a science-forward technology company improving the lives of pets through fresh food for cats and dogs,” the representative said in a statement. “We are confident that this acquisition will bring synergies to keep supporting their success in the fresh category while complementing our existing portfolio.” Consumer products producers have been tapping into the growing pet market as pet ownership boomed during the pandemic and millennials and Generation Z spend more on pets. Last year, Mars bought direct-to-consumer cat litter company PrettyLitter Inc. in a deal worth less than $1 billion, Bloomberg News reported . In 2020, it acquired Veterinary Specialty Hospital of Hong Kong Ltd., an emergency health-services provider for animals. Nom Nom sells through its website fresh, whole-ingredient pet foods approved by pet nutritionists. It also sells treats and supplements for pets, its website showed. Nom Nom counts Anchor Capital, Coefficient Capital and Greycroft among its backers, according to data provider Crunchbase data. ©2022 Bloomberg L.P.