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Tag: Mars

These six Va. billionaires made Forbes’ 2024 richest Americans list

Six Virginia billionaires are among the 400 richest Americans, according to Forbes’ annual ranking, which the media company released Tuesday.

To make the Forbes 400 list, U.S. citizens had to have a minimum net worth of $3.3 billion — an increase of $400 million over 2023’s list.

Collectively, the members of this elite club are worth a whopping record $5.4 trillion, a nearly $1 trillion increase over 2023. A dozen individuals who made the list are worth more than $100 billion.

The top-ranking Virginian on this year’s list is heiress Jacqueline Mars, one of the family owners behind Virginia’s largest privately owned company, McLean-based candy and pet care empire Mars, which was started by her grandfather, Frank C. Mars. With a net worth of $47.6 billion, Jacqueline Mars, who lives in The Plains in Fauquier County, ranked No. 19 on the Forbes list. She owns an estimated third of the family business, where she worked for nearly two decades and served on its board until 2016.

Her niece, Pamela Mars, who lives in Alexandria, ranked as the 77th richest American, with a net worth of $11.9 billion. Pamela Mars started working at the family business in 1986 and currently serves as the family’s ambassador to the Mars pet care division.

Drop down to No. 283 on the Forbes list and you’ll find the third-ranking Virginian: Winifred J. Marquart of Virginia Beach, with a net worth of $4.7 billion. The great-great-granddaughter of S.C. Johnson & Son founder Samuel Curtis Johnson Sr., Marquart is president of the Johnson Family Foundation, which funds programs that help the environment, promote equality and support education and youth.

The fourth wealthiest Virginian on the Forbes rankings is Carlyle Group co-founder Daniel D’Aniello, who came in at No. 319 with a net worth of $4.3 billion. Since stepping down as chairman of Carlyle in 2018, D’Aniello, who lives in Vienna, retains the title of chairman emeritus of the global private equity firm where Virginia Gov. Glenn Youngkin was CEO. A Vietnam War veteran, D’Aniello worked at Trans World Airlines, Pepsi and Marriott before co-launching Carlyle in 1987.

Bitcoin billionaire Michael Saylor, whom Forbes lists as living in the town of Vienna in Fairfax County but has said in court filings that he lives in Florida, ranked at No. 338 on the list, with a net worth of $3.9 billion. Saylor is founder and chairman of Tysons-based tech company MicroStrategy, which is widely reported to be the world’s largest corporate bitcoin holder.

Carlyle Group co-founder and former co-CEO William Conway Jr., who lives in McLean, is the 347th richest American and the sixth richest Virginian, with a net worth of $3.8 billion, according to Forbes. Conway was also a past chief financial officer of MCI Communications, the now-defuct telecom company.

Nationally, Tesla CEO Elon Musk topped the list of the 400 wealthiest Americans for the third straight year, with a net worth of $244 billion. Amazon founder Jeff Bezos ranked No. 2, with $197 billion. And after not making the cut in 2023, former President Donald Trump ranked at No. 319 this year, with a net worth of $4.3 billion.

“The Forbes 400 is richer than ever, and it’s harder than ever to be one of the 400 richest people in America,” Chase Peterson-Withorn, senior editor at Forbes, stated in an announcement.

Mars to purchase Cheez-It, Pop-Tarts maker in $35.9B deal

Updated Aug. 16

McLean-based snack and pet care giant Mars announced Wednesday it has entered into a $35.9 billion, all-cash deal to purchase Kellanova, the maker of Cheez-It, Pop-Tarts, Pringles, Eggo and other food brands.

Kellanova, created in October 2023 when Kellogg split into two companies, had 2023 net sales of more than $13 billion, while the privately owned Mars had net sales of more than $50 billion, according to a news release Wednesday.

“In welcoming Kellanova’s portfolio of growing global brands, we have a substantial opportunity for Mars to further develop a sustainable snacking business that is fit for the future,” Mars CEO Poul Weihrauch said in a statement. “We will honor the heritage and innovation behind Kellanova’s incredible snacking and food brands while combining our respective strengths to deliver more choice and innovation to consumers and customers. We have tremendous respect for the storied legacy that Kellanova has built and look forward to welcoming the Kellanova team.”

Kellanova will become part of the Mars Snacking division, and will be headquartered in Chicago and led by Mars Snacking Global President Andrew Clarke after the deal is completed, the statement said.

Under the agreement’s terms, Mars will acquire all outstanding equity of Kellanova for $83.50 per share in cash, and all of Kellanova’s brands, assets and operations will be included in the transaction. The acquisition is subject to Kellanova shareholders’ approval and regulatory approvals, and is expected to close within the first half of 2025, Mars said. The W.K. Kellogg Foundation Trust and the Gund Family have entered into agreements pursuant to which they have committed to vote shares representing 20.7% of Kellanova’s common stock, as of Aug. 9, in favor of the transaction.

According to Reuters, Kellanova said the closing date of the deal could be extended by up to 12 months if the two companies don’t receive the necessary regulatory approvals by next August. If the deal does not go through due to a failure to receive regulatory approval, Mars must pay $1.25 billion to Kellanova, and likewise, if Kellanova’s board changes its mind and does not support the deal, the snack maker will have to pay Mars $800 million, Reuters reported.

Mars, the maker of M&Ms, Snickers and Twix, as well as the owner of a growing pet food and pet care business, is the largest privately held company in Virginia and the fourth largest in the nation, employing about 150,000 people worldwide. Under Weihrauch, who became CEO in 2022, Mars has aimed to double its sales by 2033 and has acquired six candy and veterinary companies over the past two years. Mars Petcare veterinary care and pet foods branch accounted for about 60% of the company’s 2023 revenue, according to the company.

However, the purchase of Kellanova is the largest acquisition proposed by Mars, which has 15 brands that marked more than $1 billion each in annual sales. On Kellanova’s end, Pringles and Cheez-It both exceed $1 billion in annual sales.

In October 2023, Kellogg Co. finalized the separation of its North American cereal and snack businesses, resulting in W.K. Kellogg Co. — owner of Frosted Flakes, Rice Krispies, Corn Flakes and other cereals — and Kellanova, which includes snack food brands such as Pop-Tarts, Pringles, Nutri-Grain, Cheez-It and Eggo, as well as vegetarian brand MorningStar Farms.

 

Mars acquires two veterinary diagnostics businesses

Mars has completed its acquisition of two veterinary diagnostics businesses based in France, the McLean-headquartered candy and pet care corporation announced Tuesday.

Mars purchased Cerba HealthCare’s ownership stake in Cerba Vet, a network of six veterinary diagnostics laboratories in France, and Antagene, which provides DNA testing for dogs, cats, horses and wildlife, as well as diagnostic tests to confirm diseases in pets. The two companies are now part of Mars Petcare’s Science & Diagnostics division, according to Tuesday’s announcement. Terms of the deal were not disclosed.

The largest privately held company in Virginia, Mars is best known for candy brands like M&Ms, Snickers and 3 Musketeers produced through its Mars Snacking division. But the company has said that Mars Petcare accounted for about 60% of the company’s $50 billion in 2023 revenue.

Mars’ interest in Cerba’s divisions was announced in May. Cerba Vet and Antagene join Mars’ other veterinary businesses, Antech, a worldwide veterinary diagnostics business, and Wisdom Panel, a genetic testing business for dogs and cats.

Mars has expanded its holdings over the past year. In November 2023, Mars subsidiary Bidco announced its planned purchase of Hotel Chocolat for $662 million, a deal closed earlier this year.

McLean mixed-use project, Mars expansion approved

As the third wealthiest community in the U.S., McLean is known for its luxurious mansions and classic suburban feel. That’s starting to change.

In June 2021, Fairfax County supervisors adopted a plan, known as the McLean Community Business Center, to redevelop the town’s 230-acre downtown, bounded by Old Dominion Drive and Chain Bridge Road, to include zoned density and increased height requirements closer to the town’s core to transform it to a walkable village, a shift away from its car-centric strip malls.

The largest-yet phases of that transformation were approved by supervisors in October 2023. They include the Astoria, a seven-story, 130-apartment mixed-use building that will include 3,000 square feet of office and retail. Cost and a construction timeline have yet to be finalized, according to Michelle Rosati, who represents Astoria’s developer, JAG Partners.

Next door, candy and pet food manufacturer Mars, the largest privately held company in Virginia, is expected to begin an expansion of its headquarters, from 53,000 square feet to 125,000 square feet, during the summer, according to Pete Rowan, Mars’ vice president of U.S. public affairs. Mars declined to provide the anticipated cost of the project.

The Astoria is across the street from McLean’s first-ever mixed-use development, the Signet, a 123-unit luxury condominium with 5,475 square feet of retail space that has yet to be leased. The Signet was built in 2018.

“The major motivation was people moving to the area and feeling like we lacked a sense of community because we didn’t have a place where the community could gather,” Dranesville District Supervisor John Foust says, adding that the areas outside the business center’s boundaries will retain the suburban feel of old McLean to avoid becoming as urban as neighboring Tysons.

While McLean may not be aiming to copy Tysons, its transformation includes other projects that could achieve that village feel, including a 90,000-square-foot, 122-unit Sunrise Assisted Living facility that opened in spring 2023, and a nine-story, 44-unit condo building that began construction in March 2023. In April 2023, the owner of McLean Professional Park submitted plans to redevelop six townhouse-style office buildings into a 104-unit residential building.

“I think people are starting to feel like maybe change is actually possible and this is a catalyst that will lead to a revitalization of downtown McLean,” Rosati says. 

Mars to acquire British chocolatier for $662M

A subsidiary of McLean-based international candy and pet food manufacturer Mars, the largest privately held company in Virginia, has agreed to acquire Britain’s Hotel Chocolat for $662 million, Mars announced Thursday.

Bidco, a wholly-owned subsidiary of Mars, will acquire Britain’s largest chocolate maker in a cash offer at 375 pence per share, or about $662 million, in a deal that will help the brand continue expansion.

Reuters reported Thursday that Hotel Chocolat CEO and co-founder Angus Thrilwell will continue to lead the company for the next five years. Thirlwell founded the company with Peter Harris in 2003, though they started selling chocolates online in 1993, according to Hotel Chocolat’s website. Mars said it intends to maintain Hotel Chcolat’s brand.

“We have long admired the fantastic business that Angus, Peter and the Hotel Chocolat team have created,” Andrew Clarke, global president of Mars Snacking, said in a statement. “Hotel Chocolat is a differentiated and much-loved brand, with an impressive product offering and a deep commitment to its values of originality, authenticity and ethical trading. The Mars and Hotel Chocolat businesses are highly complementary, and during the course of our discussions with Hotel Chocolat’s leadership it has also become clear that there is a very strong cultural fit — with purpose at the heart of both organizations and a shared passion for quality and sustainability.”

In a news release, Mars said the company believes the acquisition will strengthen its presence in the United Kingdom. It has operated there since 1932 and has about 10,000 employees. Hotel Chocolat opened in North London in 2004 and now has 131 stores in the U.K., as well as cafes, restaurants, outlets and factory stores, and a luxury hotel on the company’s cocoa farm in the Caribbean overlooking a UNESCO world heritage site. It also has 21 stores in Japan through a brand licensing and supply agreement with a local partner, according to a news release.

As of July, Hotel Chocolat had 2,339 employees, according to the company’s annual report.

Known for its M&Ms and Snickers candy brands, Mars is the fourth largest privately held company in the nation. With $45 billion in sales in 2022, it has approximately 140,000 employees in 80 countries. Its divisions include Mars Petcare, which runs an international network of 2,000 pet hospitals, roughly half of which are operated by U.S. subsidiary Banfield Pet Hospital.   

 

Mars to acquire Colorado pet care company for $1.2B

McLean-based global candy and pet food manufacturer Mars Inc. has entered into a definitive agreement to acquire Loveland, Colorado-based veterinary diagnostic and specialty product provider Heska Corp. in a deal valued at $1.2 billion, or $120 per share, the companies announced Monday.

Heska will join Mars Petcare, expanding its science and diagnostics division.

“This transaction will bring together highly complementary businesses with a strong strategic and cultural fit. … This comprehensive diagnostic offering will mean broader coverage across diagnostic products, services and technology and will accelerate R&D for novel solutions,” Mars Petcare Science and Diagnostics President Nefertiti Greene said in a statement.

The transaction price is an approximately 23% premium over Heska’s closing stock price as of March 31, according to a news release, and an approximately 38% premium over Heska’s 60-calendar day volume weight average price.

Both companies’ boards of directors unanimously approved the agreement. The acquisition will need Heska shareholders’ and regulatory approvals before closing, which the companies anticipate will be in the second half of 2023.

Founded in 1988, Heska manufactures, markets, sells and supports veterinary diagnostic and specialty solutions to veterinary practitioners across North America and in Germany, Italy, Spain, France, Switzerland, Australia and Malaysia.

“Today’s announcement is a great testament to the quality of our Heska family — we are small, but our people and their creativity, execution, expertise and value-creation have made us exceptional. We are thrilled to join Mars Petcare on its quest to build a better world for pets,” Heska CEO and President Kevin Wilson said in a statement.

The move comes as Mars, Virginia’s largest private company, has seen massive growth. Known for popular candy brands like M&Ms, Mars was previously led by CEO Grant F. Reid, who grew the company’s annual revenue by more than 50% to nearly $45 billion during his eight-year tenure. Reid, who retired in September, was replaced by President and CEO Poul Weihrauch, who previously led the company’s Mars Petcare division.

Mars Petcare has more than 100,000 employees across 130 countries and a portfolio of almost 50 brands. The division has more than 2,500 pet hospitals and diagnostic services, including Banfield Pet Hospital and BluePearl. In January, Mars announced it had partnered with Harvard University and Massachusetts Institute of Technology to sequence the genomes of 10,000 cats and 10,000 dogs to advance pet health care.

Mars Inc. names new CEO

McLean-based Mars Inc. will have a new CEO in September and the news comes at a time when the privately held global candy and pet food manufacturer is experiencing major growth.

Grant F. Reid, who has served as CEO of Mars since 2014, will step down in September, with plans to fully retire by the end of the year. Poul Weihrauch, currently global president of Mars Petcare, the company’s pet food and veterinary health division, will become Mars’ new CEO, the company announced Wednesday.

Mars’ products include M&M’s, Snickers, 3 Musketeers, Life Savers, Skittles, Twix, Ben’s Original rice, Wrigley’s gum and Life Savers. The company filed plans in April to expand and update its downtown McLean headquarters.

Weihrauch, who is based in Brussels, will relocate to the company’s global headquarters in McLean, a Mars spokesperson confirmed. According to the company, Mars Petcare employs nearly 100,000 workers in 130 nations. In addition to manufacturing pet food, the Mars Petcare is a veterinary health provider through an international network of more than 2,000 pet hospitals and diagnostic services.

In a statement, Reid said, “It has been a privilege to lead the Mars team and work closely with the Mars Family. We have built on our core strengths and moved into new areas, setting the business up for a brilliant, sustainable future.”

Under Reid’s tenure, the privately held Mars’ revenue has grown by more than 50% to nearly $45 billion, surpassing Fortune 500 companies such as Coca-Cola and Virginia Fortune 500 companies such as Falls Church-based General Dynamics Corp. and Northrop Grumman Corp. During Reid’s time as CEO, the number of Mars employees also more than doubled, from 60,000 to 140,000, the company said in a news release.

A Scotland native, Reid has worked for Mars for more than 30 years and led a number of social initiatives as CEO, and was particularly focused on battling climate change. He’s urged other companies to study their environmental impact, pointing out that Mars’ own evaluation revealed that the manufacturer of candy, pet food and other food products had the same carbon footprint as a nation as large as Panama.

In October 2021, the company pledged to achieve net-zero greenhouse gas emissions across its full value chain by 2050, a pledge in line with the Paris Agreement to reduce global warming.

“The scale of global intervention must be bolder and faster,” Reid said at the time. “Climate change is already impacting the planet and people’s lives.”

Reid told Mars’ board of directors 18 months ago that he intended to retire by the end of 2022. He and Weihrauch have been working on the transition for several months and Reid will stay at Mars through the end of the year. While it’s unclear what his role will be, Mars said Reid would “devote more time to following his passion as a champion for climate action, the sustainability agenda and the broader role for business in society.”

“While he is too modest to admit it, our significant transformation and record growth as a business would not have happened without Grant’s leadership,” Mars Board Chair Frank Mars said in a statement. “He has visibly lived our principles and embedded purpose at the heart of our business strategy. The Mars Family are tremendously grateful for his dedication and service.”

Weihrauch has worked in many parts of Mars’ business since 2000. He was the European brand leader for Snickers, and in 2014 became president of Global Petcare, which has diversified from pet food manufacturing into veterinary health products, including diagnostics tools, data tools, and software platforms.

“I am honored and humbled by this opportunity to serve the organization and our 140,000 Mars associates,” Weihrauch said in a statement. “This is an incredible company, which has consistently demonstrated that doing good is good business. It is that relationship that will ensure we keep delivering sustainable growth and performance.”

Mars named Loic Moutault, current president of Royal Canin, Mars’ French pet food manufacturing subsidiary, to take over Mars Petcare’s global operations. Cecile Coutens will become global president of Royal Canin.

 

Va. companies aid Ukraine, pull business from Russia

McLean-based Mars Inc. and other companies with major Virginia presences are responding to the war between Russia and Ukraine, chiefly by helping employees who live in the Eastern European nation and sending other humanitarian aid to Ukraine, as well as suspending business dealings in Russia, a measure taken by many U.S. companies in recent days.

Mars, one of the world’s largest candy and pet food manufacturers, has donated $1.5 million to provide basic needs for children and families trying to leave Ukraine and seek refuge in border countries, working with Save the Children, a humanitarian aid organization operating in Ukraine. Additionally, Mars gave $500,000 to Humane Society International to assist pets and owners.

The company also stopped all social media activity and suspended advertising in Russia and Belarus, which is closely aligned with Russia through several bilateral treaties. Mars has suspended new investments in Russia, according to a company statement.

“We join the world in supporting the innocent victims of this war and calling for a peaceful resolution immediately,” CEO Grant F. Reid said in a statement.

Ashburn-based DXC Technology Co., an IT services company that is one of the state’s largest publicly traded corporations, also condemned the “unwanted aggression from the Russian government” in a statement.

The company is working to provide shelter, financial assistance, health care and relocation support to employees and their families in Ukraine. DXC said it has about 4,000 employees in Russia whom the company is supporting, and the firm is matching employee donations to Red Cross humanitarian efforts at 200%.

DXC is no longer pursuing business in Russia and has committed to exit that market, according to a statement. The company says it’s also supporting and maintaining compliance with sanctions levied against Russia.

McLean-based Hilton Worldwide Holdings Inc. said it has closed its corporate office in Moscow and will ensure continued work and pay for impacted team members. The hotel conglomerate said it has taken steps to protect its employees and guests.

Hilton is donating up to 1 million room nights to support Ukrainian refugees and humanitarian efforts across Europe in partnership with American Express. All new development activity by Hilton in Russia has been suspended, and profits from its business operations in Russia will be donated to humanitarian relief in Ukraine, according to a company statement. The Hilton Effect Foundation has given $50,000 to World Central Kitchen, a not-for-profit, nongovernmental organization that provides meals in response to humanitarian, climate and community crises, and Project Hope, an international health care organization.

Amazon.com Inc., which is building its HQ2 East Coast headquarters in Arlington, donated $5 million to organizations providing support on the ground in Ukraine, including UNICEF, the United Nations High Commissioner for Refugees, World Food Program, Red Cross, Polska Akcja Humanitaria and Save the Children.

The e-commerce giant also is matching employee donations up to $5 million and giving customers the option to donate from its website. More than 10,000 employees have contributed, the company reported.

Meanwhile, Amazon employees in Poland, which has seen an influx of refugees, will get additional time off, and the company is working with Ukrainian nationals to expedite immigration work visas if they have left the country.

Amazon Web Services, which has a significant presence in Northern Virginia, also is doing work on the cybersecurity front. AWS is working with Ukrainian customers and partners to keep applications secure, as well as assisting Ukrainian IT organizations to fend off cyberattacks from Russia. AWS has no data centers, infrastructure or offices in Russia and maintains a longstanding policy of not doing business with the Russian government, according to a company statement, and is not accepting new accounts for AWS from customers in Russia and Belarus.

Amazon also has suspended shipment of retail products to customers in Russia and Belarus and will not accept Amazon third-party sellers there. Access to Prime Video is suspended for customers in Russia and the company won’t take orders for video games sold directly in Russia.

CMA CGM Group, the international shipping and logistics company with its North American base in Norfolk, says it has taken necessary measures to protect its employees in Ukraine, allowing them to work from home since last month. All bookings to and from Russia were suspended March 1, extending to Belarus on March 4, until further notice. Special conditions for cargo en route to and from Ukraine, Belarus and Russia also have been implemented. Those include a full waiver of cancellation fees for booking and change of destination at no cost. Additionally, the company has raised alert levels and taken preventative measures to protect its IT systems from cyberattacks.

On Feb. 24, Russia attacked Ukraine in an attempt to gain control of the former Soviet nation, and since then, the United States has responded by imposing economic sanctions. Businesses worldwide have joined the exodus out of Russia, in addition to other measures. Virginia Gov. Glenn Youngkin has also urged economic steps against Russia to support Ukraine.

Virginia Business Associate Editor Courtney Mabeus contributed to this story.

Mars Inc. pledges to go net zero by 2050

Mars Inc. has pledged to achieve net-zero greenhouse gas emissions across its full value chain by 2050, the McLean-based global food manufacturer announced Tuesday.

The pledge is in line with the Paris Agreement to reduce global warming.

“The scale of global intervention must be bolder and faster,” Mars CEO Grant F. Reid said in a statement. “Climate change is already impacting the planet and people’s lives.”

Tuesday’s announcement marks a step up from an existing commitment Mars made in 2009 to achieve net zero in direct operations by 2040. The company’s previous pledge said it would cut emissions in its full value chain by 67% by 2050. It also reaffirmed a target to cut GHGs in its full value chain by 27% by 2025.

Mars is one of a thousand businesses around the world pledging action to get to a zero-carbon economy.

Since 2015, Mars has cut emissions in its full value chain by 7.3%, according to the company. In its direct operations, Mars has already reduced emissions 31% and is on-track to achieve is interim 2025 target (42% reduction).

Mars will develop a plan to get to net zero in 2022. One of the promises Mars put in place is an initiative transitioning to 100% renewable energy, which it has done in direct operations in 11 countries and will do so in another eight by 2025.

The company has also promised to redesign its supply chain to stop deforestation, scale up initiatives in sustainable and regenerative agriculture and challenge 20,000 suppliers to take action.

Mars has 133,000 employees and $40 billion in annual sales.

Northrop Grumman wins $84.5M NASA contract

NASA announced Thursday it has awarded an $84.5 million contract to Falls Church-based Fortune 500 defense contractor Northrop Grumman Corp. to provide propulsion support and products for spaceflight missions.

Under the Mars Ascent Propulsion System (MAPS) contract, Northrop Grumman will provide support and products at the agency’s Marshall Space Flight Center in Huntsville, Alabama. The contract brings NASA and the European Space Agency one step closer to completing the Mars Sample Return (MSR), which includes a Sample Retrieval Lander mission and an Earth Return Orbiter mission. 

“Bringing Mars samples back to Earth will allow scientists across the world to examine the specimens using sophisticated instruments too large and too complex to send to Mars, and will allow future generations to study them using technology not yet available,” according to NASA.

Northrop Grumman employs more than 90,000 people and reported $33.8 billion in 2019 revenue.

 

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