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#177 Pam Mars-Wright $8.33B

Random fact: The first M&M candies were made for the U.S. military in 1941.

Overview

Mars shares ownership of Mars Inc., the world's largest confectioner. The closely held, McLean, Virginia-based company makes candy (M&Ms, Snickers, Milky Way), chewing gum (Juicy Fruit, Orbit), pet chow (Pedigree, Whiskas) and packaged foods (Uncle Ben's, Suzi Wan). It had revenue of $35 billion in 2016.

As of July 27, 2017:
Last change +$211M (+2.6%)
YTD change +$520M (+6.7%)
Industry Food & Beverage
Biggest asset Mars Inc.
Citizenship United States
Age 56
Wealth Inherited
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Pam Mars-Wright's net worth of $8.33B can buy ...

0
troy ounces of gold
0
barrels of crude oil

... and is equivalent to ...

0%
of the GDP of the United States
0%
of the total wealth of the 500 richest people in the world
0%
of the top 100 U.S. college endowments
0%
of the top 200 U.S. executives’ total awarded compensation
0%
of U.S. existing home sales
0
times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Mars's fortune is derived from her 8 percent stake in McLean, Virginia-based Mars Inc., a closely held U.S. candy, food and pet products company. Her three sisters, aunt and uncle own the rest. Her stake is calculated based on an equal division of her late father, Forrest Mars Jr.'s 33 percent stake. He died in July 2016.

Mars Inc. had revenue of $35 billion in 2016 according to company spokesperson, Amy Weiss. It also had $10.25 billion in total debt as of May 2016, according to Bloomberg data.

The business is the world's largest candy maker and best known for confections such as Snickers, Milky Way and Twix. With its purchase of Wrigley in 2008 for $23 billion, it commands more than half of the U.S. chewing-gum market, according to Euromonitor, and sells brands such as Big Red, Doublemint, Eclipse, Juicy Fruit and Orbit. On Oct. 6, 2016, Mars announced plans to buy Berkshire Hathaway's $2.1 billion preferred stake in Wrigley and consolidate its chocolate and candy business. Its other popular candies include Skittles, Starburst, Life Savers and Altoids. Its food brands include Uncle Ben's and Suzi Wan, and pet food and care brands include Pedigree, Whiskas and Eukanuba.

The company is valued as a whole using revenue of $35 billion and the average enterprise value-to-sales and enterprise value-to-ebitda multiples of three publicly traded peer companies: Hershey, Nestle and Mondelez International.

Mars announced plans to acquire animal-hospital chain, VCA Inc., for $7.7 billion in January 2017. The deal is expected to close in the third quarter of the year.

Jonathan Mudd, a spokesman for Mars, declined to comment on the valuation.

Biography

Birthdate: 1960
Family: Married, No children
Education: Vassar College, Bachelor's Degree

Pamela Mars-Wright was born in 1960, one of four daughters of the late Forrest Mars Jr. and his first wife, Virgina Cretella.

Her great-grandfather, Frank Mars, learned to hand-dip chocolate as a schoolboy. He began making and selling buttercream candies from his home in Tacoma, Washington in 1911, and moved the business to Minneapolis in 1920, operating under the banner Nougat House. A long string of confectionery blockbusters followed, including Milky Way, Snickers and 3 Musketeers.

After his death in 1934, Frank's only son, Forrest, took over the business and expanded it into pet care with the purchase of Chappie canned dog food and, later, into packaged food with the addition of what would become Uncle Ben's rice. Forrest stepped down from day-to-day management of the global food manufacturer in 1969, turning over control to his two sons, John and Forrest Jr., who died in July 2016.

A graduate of Vassar College, Pamela Mars-Wright joined the family business as an operations supervisor in 1986 after a stint in advertising. Her later roles at Mars Inc. included plant manager of the family's Los Angeles-based petcare company, Kal Kan Foods, manufacturing director at Mars Australia and chairman of the board of the entire company.

Milestones
  • 1911 Great-grandfather Frank C. Mars begins selling buttercream candy.
  • 1960 Pamela Mars is born to Frank Mars Sr. and Virginia Cretella.
  • 1961 Moves to Holland with family after father becomes manager of Dutch factory.
  • 1982 Earns her bachelors degree from Vassar College.
  • 1986 Starts working at the family business as an operations superviser.
  • 1993 Marries Lonnie Wright in Champaign, Illinois.
  • 2008 Mars acquires Wrigley for $23 billion.
  • 2016 Joins the board of beer company, Heineken.