DEERFIELD, Ill. — Mondelez International has agreed to acquire Perfect Snacks, a manufacturer of refrigerated nutrition snack bars, for an undisclosed amount. The companies expect the deal to close later this summer, subject to customary approvals and closing conditions.
Perfect Snacks will continue operating from its headquarters in San Diego while Mondelez offers resources to help boost its brand, the companies said. Specifically, Mondelez will look to help Perfect Snacks expand its customer base, U.S. distribution and product innovation.
“We have a mission to lead the future of snacking by offering the right product, for the right moment, made the right way,” said Glen Walter, executive vice president and president of North America for Mondelez. “Perfect Snacks is an amazing brand, growing fast, and a great complement to our existing portfolio that expands our leadership across broader snacking. Well-being snacks in general, and refrigerated well-being snacks in particular, are a fast-growing segment, and we look forward to working with and supporting the Keith family to help accelerate this brand’s great momentum.”
This marks Mondelez’s fifth investment in another brand this year. Others include Uplift Food, a prebiotic and functional food startup; The Hatchery Chicago, a nonprofit food business incubator; Hu Kitchen, a chocolate, coffee and cracker producer; and The Kitchen, a food technology incubator. Each investment is part of Mondelez’s innovation and venture hub, SnackFutures.
“We are so excited to be joining the Mondelez International family,” said Bill Keith, co-founder and CEO of Perfect Snacks. “We believe Mondelez International’s purpose, to ‘empower people to snack right,’ aligns very well with why we started this brand and this business.”
Perfect Snacks’ portfolio includes its flagship Perfect Bar, Perfect Bites Refrigerated Protein Snacks and Perfect Kids Refrigerated Snack Bars, all of which are organic, non-GMO and nut butter-based. The company generated about $70 million in net revenue in 2018.
Deerfield, Ill.-based Mondelez is a global snacking company operating in 160 countries with about $26 billion in net revenue in 2018. The company manufactures biscuits, chocolate, gum, candy and powdered beverages; its products include BelVita, Chips Ahoy, Oreo, Nabisco, Cadbury, Jacobs coffee, Tang powdered beverages and Trident gum.