文 |零售圈 导语： 回顾刚过去的2025年，零售行业的大规模并购交易，几乎从未停歇。这一系列并购事件不仅改变了零售 行业的格局，也揭示了行业内部的深刻变革——零售行业正在经历新一轮"资本大洗牌"。 在这一年里，我们看到头部企业纷纷"做减法"，剥离非核心资产以聚焦主业，如阿里巴巴彻底退出银泰 百货与高鑫零售，同时也见证了不少巨头"做加法"，通过并购扩充品牌矩阵、切入新赛道，如普拉达收 购范思哲构建奢牌三角，玛氏以超350亿美元吞下品客母公司，组建零食帝国。 私募资本成为了关键推手，KKR、博裕、CPE源峰等机构频繁出手，以资本赋能实体，推动品牌转型与 扩张。而本土消费品牌如大窑汽水、蜜雪冰城，则通过引入资本或收购细分赛道玩家，加速全国化与生 态化布局。 从国际食品巨头的强强联合，到本土品牌的资本化转身；从互联网巨头实体布局的深化，到私募基金对 传统业态的焕新改造，这些交易背后，是零售业面对渠道变迁、消费分级与竞争全球化所做出的集体回 应。 无论是德弘资本对高鑫零售的"买手制"改造，还是京东跨洲收购德国Ceconomy的出海雄心，都标志着 行业正从规模扩张走向精益运营，从流量争夺转向供应链与品牌价值的深耕，他们 ...

近日，海外研究机构发布了2025全球最富家族榜单，沃尔玛公司的创始家族沃尔顿家族以5134亿美元的净资产再次位居榜首，其净资产首次超过5000亿美 元。 前言 全球最富有的25个家族，其财富总额较一年前合计增加了3587亿美元，合并净资产达到2.9万亿美元。进入榜单的门槛也创下历史新高：需要至少464亿美 元，比去年提高了97亿美元。 过去一年，全球最富有家族的演进故事再次印证了一条金融领域的基本真理：规模至关重要。 他们的财富增长既得益于股价上涨以及金属、宠物食品等商品需求的提升，也源于这些家族在数十年中积累的影响力与经验。 今年共有来自四大洲的四个家族首次跻身榜单：其中，来自墨西哥的拉雷亚·莫塔·贝拉斯科家族（Larrea Mota Velasco）与来自智利的卢克西奇家族 （Luksic），均执掌起源于铜矿开采的商业帝国； 意大利的德尔·韦基奥家族（Del Vecchio）因全球领先的眼镜制造商依视路陆逊梯卡集团（EssilorLuxottica）而致富，该公司进军AI眼镜领域推动了股价上 涨；而沙特Olayan家族，其横跨全球的商业版图以及与华尔街的紧密联系，使其在国内外的重要性进一步提升。 值得注意 ...

以下文章来源于投资界 ，作者王露 投资界 . 清科控股旗下创业与投资资讯平台 打包收购。 这笔收购筹划已久。 去年8月，玛氏发布公告称，以每股83.50美元的价格现金收购Kellanova，收购总价高达359亿美元（约合2534亿元人民币）。 直到今年12月，监管部门通过了这项收购案。根据条款，交易完成之日，Kellanova从纽交所退市，目前公司总市值约为290.3亿美元（约合2045亿元人民 币）。 对于国内消费者而言，品客薯片是Kellanova最为人熟知的品牌，却来源于一笔收购。 文 ｜ 王露 来源｜ 投资界（ ID： pedaily2012） 封面来源 ｜ pexels 尘埃落定。 本周，食品巨头玛氏（Mars）宣布完成对品客薯片母公司Kellanova的收购，总价约359亿美元（约合2534亿元人民币），一举成为今年全球食品业最大收购 案。 这意味着，你熟悉的德芙和品客薯片成了一家人。买方玛氏，拥有德芙、箭牌、士力架等品牌；卖方在国内最为知名的品牌是品客薯片和家乐氏麦片。 诞生于1968年，品客薯片是世界上首款罐装薯片品牌，曾因小龙虾、凡士林味、盲盒口味等网红怪味薯片风靡社交媒体。这一次玛氏豪掷千 ...

Group 1 - Mars has completed the acquisition of Kellanova, the parent company of Pringles, for approximately $35.9 billion (about 253.4 billion RMB), marking the largest food industry acquisition of the year [1][4] - The acquisition was announced in August 2022 at a price of $83.50 per share, and regulatory approval was granted in December 2023, leading to Kellanova's delisting from the NYSE [4][5] - The merger combines iconic brands from both companies, with Mars CEO Poul Weihrauch emphasizing the opportunity for innovation and reaching more consumers globally [5][6] Group 2 - Pringles, launched in 1968, was the first canned chip brand and gained popularity through unique flavors and marketing strategies [3][4] - Kellanova, which includes brands like Pringles and Cheez-It, was formed after Procter & Gamble sold Pringles for $2.695 billion (about 18.8 billion RMB) in 2012, making Kellanova the second-largest snack company at that time [5][8] - The acquisition will elevate Mars' snack food business revenue to an estimated $36 billion, positioning it as the third-largest player in the global snack industry, behind PepsiCo and Mondelez [8] Group 3 - Mars has a history of significant acquisitions, with over 10 deals completed in the past two years, including brands in the chocolate and pet food sectors [7][8] - The company remains privately held and is one of the largest family-owned businesses globally, with annual sales exceeding $55 billion and over 150,000 employees [7] - The current trend in the consumer sector shows a wave of mergers and acquisitions, with companies adjusting strategies in response to intensified market competition [10][12]

Group 1 - Mars has completed the acquisition of Kellanova, the parent company of Pringles, for approximately $35.9 billion (about 253.4 billion RMB), marking the largest food industry acquisition of the year [2][5] - The acquisition signifies the merging of well-known brands, with Mars owning brands like Dove and Snickers, while Kellanova is recognized for Pringles and Kellogg's cereals [2][4] - The deal was in the works for a long time, with regulatory approval received in December, leading to Kellanova's delisting from the New York Stock Exchange [5][6] Group 2 - Pringles, launched in 1968, was the first canned potato chip brand and gained popularity through unique flavors and marketing strategies [4][6] - The brand initially struggled in sales but became a hit in the 1980s after taste adjustments and effective advertising [6] - Kellanova's history dates back to 1894, and it became the second-largest snack company globally after acquiring Pringles from Procter & Gamble for $26.95 billion (about 188 billion RMB) in 2012 [6][7] Group 3 - Mars CEO Paul Wehrrauch described the acquisition as historic, emphasizing the opportunity for innovation and reaching more consumers [7] - Mars is a well-known company with a diverse portfolio, including brands like M&M's and Skittles, and has a history of significant acquisitions [8][9] - The acquisition is expected to boost Mars' snack food business revenue to approximately $36 billion, positioning it as the third-largest player in the global snack industry [9] Group 4 - The article highlights a broader trend of mergers and acquisitions in the consumer sector, with companies like Starbucks and Burger King also engaging in strategic partnerships and sales [10][12] - The competitive landscape in the consumer market is prompting brands to adjust strategies, with many familiar brands choosing to sell parts of their businesses [13] - The food and beverage sector is viewed as resilient and attractive for investment, especially during economic fluctuations, leading to increased merger activity [13]

Core Insights - The acquisition of Kellanova by Mars has been finalized, marking one of the largest food acquisitions in history [1][3] - Mars aims to enhance its snack food business, projecting combined annual revenues of approximately $36 billion post-acquisition [5][6] Acquisition Details - Mars announced the acquisition agreement on August 14, 2024, at a price of $83.50 per share, totaling $35.9 billion (approximately ¥253.4 billion), representing a 44% premium over Kellanova's 30-day weighted average share price [3][4] - Kellanova's market capitalization before delisting was $29.03 billion, which was lower than the acquisition price [3][4] - The deal received approval from Kellanova's shareholders in November 2024 and all necessary regulatory approvals by December 2025 [3] Financial Performance - Kellanova reported organic sales of $13.81 billion for the full year 2024, a 5.6% year-over-year increase, with adjusted operating income of $1.9 billion, up 17.3% [4] - In the first three quarters of 2024, Kellanova's organic sales were $9.64 billion, showing only a 0.2% increase year-over-year, while adjusted operating income declined by 4.1% to $1.39 billion [4] Brand Integration - The acquisition allows Mars to incorporate Kellanova's brands, including Pringles, Cheez-It, and Pop-Tarts, into its snack food division [4][6] - Mars will now have nine brands with annual sales exceeding $1 billion, enhancing its market presence [5] Strategic Expansion - The acquisition is seen as a strategic move to diversify Mars' product offerings into categories such as cereals, chips, and healthy snacks, complementing its existing portfolio [6] - Mars has been actively pursuing acquisitions since 2020 to strengthen its snack business and expand into premium segments [6]

Core Viewpoint - The acquisition of Kellanova by Mars represents one of the largest food deals in history, enhancing Mars' position in the snack food industry and expanding its product portfolio significantly [1][2]. Group 1: Acquisition Details - Mars announced the acquisition of Kellanova for $83.50 per share, totaling approximately $35.9 billion (around 253.4 billion RMB), which is a 44% premium over Kellanova's 30-day weighted average share price prior to the announcement [2]. - Kellanova's market capitalization was $29.03 billion before its delisting, which is lower than the acquisition price [2]. - The deal was approved by Kellanova's shareholders in November 2024 and received all necessary regulatory approvals by December 2025 [2]. Group 2: Financial Performance - Kellanova reported an organic sales revenue of $13.81 billion for 2024, with a year-on-year growth of 5.6%, while its adjusted operating profit was $1.9 billion, up 17.3% [4]. - In the first three quarters of 2024, Kellanova's organic sales revenue was $9.64 billion, showing a modest growth of 0.2%, and its adjusted operating profit was $1.39 billion, down 4.1% year-on-year [4]. Group 3: Strategic Implications - The acquisition will increase Mars' snack business revenue to approximately $36 billion, with nine brands generating over $1 billion in annual sales, including Pringles, Cheez-It, and Kellanova's brands [5]. - The merger allows Mars to enter new categories such as cereals and healthy snacks, complementing its existing product lines, which include brands like Snickers, M&M's, and Dove [7]. - Mars aims to enhance its market coverage and competitiveness through this acquisition, leveraging the strengths of both companies to shape the future of the snack food industry [7]. Group 4: Recent Acquisitions - Since 2020, Mars has been actively expanding its snack business through several acquisitions, including KIND North America, Trü Frü, Nature's Bakery, Hotel Chocolat, and Kevin's Natural Foods [8]. - In the pet care sector, Mars has also acquired veterinary product suppliers to strengthen its service capabilities in pet health [9].

Core Insights - The acquisition of Kellanova by Mars represents one of the largest food deals in history, with a total consideration of $35.9 billion, reflecting a 44% premium over Kellanova's average share price prior to the agreement [1][2] - The merger is expected to enhance Mars' snack business, increasing annual revenue to approximately $36 billion and adding nine brands with over $1 billion in annual sales [3][4] Company Overview - Mars is a well-known global food giant with annual sales exceeding $50 billion and operations in over 145 markets, employing around 150,000 people [2] - Kellanova, prior to its delisting, had a market capitalization of $29.03 billion and generated organic sales of $13.81 billion in 2024, with a 5.6% year-over-year growth [2][3] Strategic Implications - The acquisition allows Mars to enter complementary categories such as cereals and snacks, significantly enhancing its market coverage and competitiveness [4] - Mars has been actively expanding its snack business since 2020, with several key acquisitions aimed at enhancing its portfolio in the snack and pet care sectors [5]

Core Insights - Mars launched the "Hunger Resistance New Energy" concept for its Snickers brand in China, aiming to innovate user positioning and diversify consumption scenarios to enhance sales performance in the market [1][2] - The new product, "Kettlebell Pack," is designed for fitness enthusiasts, providing energy replenishment before and after workouts, aligning with consumer needs for convenience and efficiency [1] - Snickers contains 8.6 grams of high-quality protein per 100 grams, catering to the demand for energy and nutritional supplements among Chinese consumers [1] Market Strategy - Mars is committed to deepening its presence in the Chinese market by introducing innovative products and expanding through various online and offline channels [2] - The brand emphasizes the importance of multi-scenario penetration, targeting common energy storage locations such as desks, backpacks, and refrigerators to meet the needs of young consumers [1]

Core Insights - The Mars family has built a renowned candy empire with brands like M&M's and Snickers, generating annual revenues of $40 billion and employing over 130,000 people globally [2][6] - The family's success is attributed to their commitment to innovation, long-term strategic planning, and a strong corporate culture [3][4][5] Group 1: Historical Background - Frank Mars started the candy business in 1911 from his kitchen, highlighting the importance of passion and dedication in overcoming initial challenges [2] - The introduction of innovative products like M&M's and Snickers by Forrest Mars marked a significant turning point for the family's business [3] Group 2: Business Strategy - The Mars family maintains 100% family control and has never gone public, allowing them to focus on long-term growth without the pressures of short-term market performance [4] - The company's "Five Principles"—Quality, Responsibility, Mutuality, Efficiency, and Freedom—form the foundation of its stable operations and brand trust [5] Group 3: Market Adaptation and Diversification - The family recognized the potential in the pet food market and expanded into this sector, which has become a crucial revenue stream [6] - Diversification helps mitigate risks associated with reliance on a single business line, providing stability during market fluctuations [6]