DEERFIELD, Ill. — Mondelēz International Inc. is acquiring Clif Bar & Co, a maker of energy bars under the Clif, Luna and Clif Kid brands, for $2.9 billion. The acquisition expands Mondelēz International’s global snack bar business to more than $1 billion, the company said, including its complementary and leading refrigerated snacking business Perfect Snacks in the United States and performance nutrition business Grenade in the United Kingdom.
This acquisition also advances the company’s strategy to reshape its portfolio to sustain higher long-term growth, it said.
“We are thrilled to welcome Clif Bar & Co.’s iconic brands and passionate employees into the Mondelēz International family,” said Dirk Van de Put, chairman and CEO of Mondelēz International. “This transaction further advances our ambition to lead the future of snacking by winning in chocolate, biscuits and baked snacks as we continue to scale our high-growth snack bar business.”
The transaction is expected to be top-line accretive in year two and create cost synergies by using Mondelez International’s global and North American scale to expand Clif’s sales distribution and gain further penetration in existing and new customers and channels in the United States.
“Mondelēz International is the right partner at the right time to support Clif in our next chapter of growth,” said Sally Grimes, CEO of Clif Bar & Co. “Our purposes and cultures are aligned and being part of a global snacking company with broad product offerings can help us accelerate our growth.”
Mondelēz International will continue to operate the Clif Bar & Co. business from its headquarters in Emeryville, Calif. The company will also continue to manufacture its products in its facilities in Twin Falls, Idaho, and Indianapolis.
The acquisition of Clif Bar & Co. will build on Mondelēz International’s continued prioritization of fast-growing snacking segments in key geographies, it said. So far in 2022, Mondelēz International has announced an agreement to acquire Mexican confectionery company Ricolino from Grupo Bimbo and closed on its acquisition of Chipita S.A., a Central and Eastern European player in the snack-size cakes and pastries category. This progress followed a year of growth in 2021, including the acquisitions of Grenade, a U.K.-based performance nutrition company; Gourmet Food Holdings, an Australian food company in the premium biscuit and cracker category; and Hu, a well-being snacking company in the United States.
The companies expect the transaction to close in third-quarter 2022 following customary regulatory review.
Deerfield, Ill.-based Mondelez is a global snacking company operating in 150 countries. The company manufactures biscuits, chocolate, gum, candy and powdered beverages; its brands include Oreo, Ritz and Chips Ahoy! biscuits, Nilla wafers, Wheat Thins, and Premium crackers.
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