"Don't go into M&A, it's horrible". Meeting with Jean-Christophe Roux (M05), VP, Head of Corporate Development, Mars Inc.

Back to news

Chloé CONSIGNY

09.04.2026

Automatically generated translation.

In 2024, he is leading the most significant global transaction of the year across all sectors: the acquisition of Kellanova (formerly Kellogg Company) by Mars Group, for an amount of 35.9 billion dollars. An engineer by training who became an M&A specialist "somewhat by accident", Jean-Christophe Roux (M05) today leads the M&A team at the American giant. Over nine years, he has completed more than thirty transactions.

"I was warned during the ESSEC Master's programme in Financial Techniques. I remember a fellow student who told me: 'don't go into M&A, it's horrible!' " Despite this warning, that is precisely where he cut his teeth and spent most of his career. Initially, he admits, "somewhat by accident". "Trained as an engineer, I wanted to work in project financing". After completing his specialist master's degree, he landed his first internship within the M&A department at Crédit Agricole Group. "I loved it… so much so that I stayed there for two and a half years".

Three months before the collapse of Lehman Brothers, he flies off to London and joins American banking giant Citi, where he specialises in consumer-related matters. The period is brutal: the team is decimated, and he survives "somewhat by luck". In retrospect, he analyses this period as "intense and professionally complicated. On a personal level, however, it was quite liberating: in Paris, I hadn't yet come out". In the midst of the financial crisis, he continues to progress in London by joining Morgan Stanley. Drawn to the American M&A market, he requests to join the Chicago office.

Consumer specialisation

In the United States, he continues to cover the consumer sector, with clients such as Mondelēz, General Mills, Procter & Gamble and Mars. In 2017, he moves to the client side. A move he initiates himself. "After ten years in investment banking, internal friction reinforced my desire to move to the other side of the table, to the client. I simply called one of my contacts at Mars and told him I wanted to join the group. At first, he replied that there were no positions available… But a few months later, he called me back."

Two and a half years later, he takes the helm of the M&A team and relocates from Chicago to Washington DC, close to the group's headquarters, located in Virginia. "Mars is a highly diversified company, generating approximately 70 billion dollars in annual revenue with very strong margins. The group's peculiarity is that it belongs to a family that reinvests most of its profits back into the company".

The group deploys its activities around three major pillars: Mars Snacking, with brands such as M&M's, Snickers and Twix (recently joined by Pringles and Cheez-It with the integration of Kellanov) Mars Petcare, which combines pet nutrition (Royal Canin, Pedigree, Whiskas) with growth in veterinary laboratories and clinics (VCA, AniCura, Banfield); and finally Mars Food & Nutrition, driven notably by Ben's Original, Dolmio and Seeds of Change. "On a day-to-day basis, my job is highly rewarding: the subjects are varied and the transactions are always conceived with a long-term horizon. Each move commits the company, which is why every transaction is conducted in close liaison with the operational teams." Movements take place both on the acquisition side, for example with the acquisition of Kellanov in 2024, and on the sale side, with the disposal in April 2026 of the Ebly brand to an Italian group.

New challenges

As a global company, Mars is not immune to geopolitical and trade tensions. Whilst its strong local industrial base (85% of products sold in Europe are manufactured on the old continent) offers good resilience against tariffs, the group remains attentive to the evolution of trade barriers. Mars is also heavily exposed to commodity price cycles. "The historical surge in cocoa prices has been a major challenge for the entire sector", he points out.

As for artificial intelligence, it has not turned M&A teams in companies upside down. "Unlike investment banks, our most junior colleagues already have a significant level of seniority", he clarifies. Whilst valuation models remain bespoke and hand-crafted, AI now optimises time-consuming tasks such as calculating multiples, generating documents or target mapping. On the legal side, it enables more exhaustive legal due diligence without reducing teams. "It's a marvellous efficiency tool that we test and integrate on a daily basis, but we cannot speak of a revolution in our professions", he tempers.

Cultural fit

Nine years after joining Mars, he measures the strength of this corporate culture: a family-owned giant that is resolutely international and deeply imbued with European culture. "The board of directors and the Mars family are driven by a strong conviction: that of perpetuating a company more than a century old whilst reconciling value creation with a positive impact on the planet and society."

Outside the walls of the company, the atmosphere is quite different. He lives in Washington with his husband and their two children, born via surrogacy in the United States. In the streets of the capital, the National Guard patrols, whilst polls favouring same-sex marriage are declining, museums and universities are attacked, and societal tensions are intensifying. "It is often difficult today to recognise the values that founded the United States", he confides.

In this context, he does not hesitate to speak out as an engaged leader to give voice to inclusion beyond his own journey. "I always give this advice to parents: be proactive with your young children to signal to them that it is perfectly normal to be gay, lesbian or simply different. For a child who is questioning, having the assurance that he or she will be loved and accepted even before having to come out is an invaluable chance that erases the fear of rejection. For a company, it is exactly the same thing. It is not enough to display diversity policies on paper; leaders must express this inclusion explicitly and daily to create an environment of psychological safety where everyone knows in advance that they have their rightful place."

By Chloé Consigny (M07)

"Don't go into M&A, it's horrible". Meeting with Jean-Christophe Roux (M05), VP, Head of Corporate Development, Mars Inc.

2026-09-04 14:04:00

www.essecalumni.com

https://www.essecalumni.com/medias/image/182093555964bf85c423813.png

2026-09-25 10:25:33

2026-09-04 11:08:20

Chloé CONSIGNY

Automatically generated translation.In 2024, he is leading the most significant global transaction of the year across all sectors: the acquisition of Kellanova (formerly Kellogg Company) by Mars Group, for an amount of 35.9 billion dollars. An engineer by training who became an M&A specialist "somewhat by accident",  Jean-Christophe Roux (M05) today leads the M&A team at the American giant. Over nine years, he has completed more than thirty transactions. "I was warned during the ESSEC Master's programme in Financial Techniques. I remember a fellow student who told me: 'don't go into M&A, it's horrible!' " Despite this warning, that is precisely where he cut his teeth and spent most of his career. Initially, he admits, "somewhat by accident". "Trained as an engineer, I wanted to work in project financing". After completing his specialist master's degree, he landed his first internship within the M&A department at Crédit Agricole Group. "I loved it… so much so that I stayed there for two and a half years".Three months before the collapse of Lehman Brothers, he flies off to London and joins American banking giant Citi, where he specialises in consumer-related matters. The period is brutal: the team is decimated, and he survives "somewhat by luck". In retrospect, he analyses this period as "intense and professionally complicated. On a personal level, however, it was quite liberating: in Paris, I hadn't yet come out". In the midst of the financial crisis, he continues to progress in London by joining Morgan Stanley. Drawn to the American M&A market, he requests to join the Chicago office. Consumer specialisationIn the United States, he continues to cover the consumer sector, with clients such as Mondelēz, General Mills, Procter & Gamble and Mars. In 2017, he moves to the client side. A move he initiates himself. "After ten years in investment banking, internal friction reinforced my desire to move to the other side of the table, to the client. I simply called one of my contacts at Mars and told him I wanted to join the group. At first, he replied that there were no positions available… But a few months later, he called me back."Two and a half years later, he takes the helm of the M&A team and relocates from Chicago to Washington DC, close to the group's headquarters, located in Virginia. "Mars is a highly diversified company, generating approximately 70 billion dollars in annual revenue with very strong margins. The group's peculiarity is that it belongs to a family that reinvests most of its profits back into the company". The group deploys its activities around three major pillars: Mars Snacking, with brands such as M&M's, Snickers and Twix (recently joined by Pringles and Cheez-It with the integration of Kellanov) Mars Petcare, which combines pet nutrition (Royal Canin, Pedigree, Whiskas) with growth in veterinary laboratories and clinics (VCA, AniCura, Banfield); and finally Mars Food & Nutrition, driven notably by Ben's Original, Dolmio and Seeds of Change. "On a day-to-day basis, my job is highly rewarding: the subjects are varied and the transactions are always conceived with a long-term horizon. Each move commits the company, which is why every transaction is conducted in close liaison with the operational teams." Movements take place both on the acquisition side, for example with the acquisition of Kellanov in 2024, and on the sale side, with the disposal in April 2026 of the Ebly brand to an Italian group. New challengesAs a global company, Mars is not immune to geopolitical and trade tensions. Whilst its strong local industrial base (85% of products sold in Europe are manufactured on the old continent) offers good resilience against tariffs, the group remains attentive to the evolution of trade barriers. Mars is also heavily exposed to commodity price cycles. "The historical surge in cocoa prices has been a major challenge for the entire sector", he points out. As for artificial intelligence, it has not turned M&A teams in companies upside down. "Unlike investment banks, our most junior colleagues already have a significant level of seniority", he clarifies. Whilst valuation models remain bespoke and hand-crafted, AI now optimises time-consuming tasks such as calculating multiples, generating documents or target mapping. On the legal side, it enables more exhaustive legal due diligence without reducing teams. "It's a marvellous efficiency tool that we test and integrate on a daily basis, but we cannot speak of a revolution in our professions", he tempers.Cultural fitNine years after joining Mars, he measures the strength of this corporate culture: a family-owned giant that is resolutely international and deeply imbued with European culture. "The board of directors and the Mars family are driven by a strong conviction: that of perpetuating a company more than a century old whilst reconciling value creation with a positive impact on the planet and society."Outside the walls of the company, the atmosphere is quite different. He lives in Washington with his husband and their two children, born via surrogacy in the United States. In the streets of the capital, the National Guard patrols, whilst polls favouring same-sex marriage are declining, museums and universities are attacked, and societal tensions are intensifying. "It is often difficult today to recognise the values that founded the United States", he confides.In this context, he does not hesitate to speak out as an engaged leader to give voice to inclusion beyond his own journey. "I always give this advice to parents: be proactive with your young children to signal to them that it is perfectly normal to be gay, lesbian or simply different. For a child who is questioning, having the assurance that he or she will be loved and accepted even before having to come out is an invaluable chance that erases the fear of rejection. For a company, it is exactly the same thing. It is not enough to display diversity policies on paper; leaders must express this inclusion explicitly and daily to create an environment of psychological safety where everyone knows in advance that they have their rightful place." By Chloé Consigny (M07)