Mars, Incorporated

Money Moves

Acquiring Kellanova and expanding private control over global snack brands

Before the market opened on December 11, Ares Management — a private-credit powerhouse with nearly $600 billion under management — slid into the S&P 500. It shoved out snack giant Kellanova, which completed its $35.9 billion sale to Mars that same day, while Vital Farms replaced Heidrick & Struggles in the S&P SmallCap 600 after the executive-search firm closed its $1.3 billion take-private just one day earlier.

Updated Jan 9