Mondelēz International signed an agreement to acquire a significant majority stake in Evirth, a leading manufacturer of cakes and pastries in China, the snack giant announced. The transaction is subject to customary closing conditions, including regulatory approval. With this acquisition, Mondelēz aims to accelerate its growth in the cakes and pastries category – which is a core focus for the company, alongside chocolate and biscuits.
Founded in 2013, Evirth is a leader in frozen-to-chilled cakes and pastries in China. This category is currently estimated at USD 3 billion, growing at a compound annual growth rate of about 15%. Chinese consumers increasingly seek fresh, premium options with innovative and sophisticated taste profiles to meet a growing range of snacking occasions.
Mondelēz already has a minority investment in Evirth to develop, manufacture and supply frozen-to-chilled cakes and pastries in China featuring some of its brands such as Oreo and Philadelphia.
Evirth is growing rapidly, driven by its strong distribution in club stores across China, as well as its R&D and technical expertise.
“We’re excited about the opportunity to accelerate our growth in cakes and pastries through continuous innovation, leveraging our high-value brands to create more premium tastes and formats,” said Dirk Van de Put, Mondelēz Chair and CEO.
“We are excited that Mondelēz International is increasing its investment in Evirth, and this is a historic moment for us,” said Linfeng Xu, Chairman, founder and general manager of Evirth. “By bringing in Mondelēz’s brand experience, technical strength, and international network, Evirth can be better positioned to provide premium products for our customers and consumers.”
This is the latest in a series of similar acquisitions: Mondelēz bought Give & Go in 2020, a leading manufacturer of frozen-to-fresh brownies, cookies, cupcakes and related bakery products in North America, and Chipita Global SA in 2022, a high-growth leader in croissants, baked rolls and snacks, focused in Central and Eastern Europe, which is expanding to additional markets.
Photo: Evirth
