Mondelēz International announced an agreement to acquire Clif Bar & Company, a specialist in energy bars, for USD 2.9 bn. The move expands Mondelēz International’s global snack bar business to more than USD 1 billion.
Mondelēz will continue to operate the Clif Bar & Company business from its headquarters in Emeryville, CA, maintaining the brand’s authenticity. The company will also continue to manufacture its products in its facilities in Twin Falls, ID, and Indianapolis, IN.
The acquisition reflects Mondelez’s focus on fast-growing snacking segments in key geographies: so far in 2022, Mondelēz International announced an agreement to acquire Ricolino, Mexico’s leading confectionery company, from Grupo Bimbo and finalized the acquisition of Chipita S.A. (Greece), a leader in the Central and Eastern European snack-size cakes and pastries category. This progress followed a year of strong global snacking growth in 2021, including the acquisitions of Grenade (UK); Gourmet Food Holdings (Australia); and Hu, a well-being snacking company in the United States.
The transaction is expected to close in Q3, following customary regulatory review.
“We are thrilled to welcome Clif Bar & Company’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.”
“Mondelēz International is the right partner at the right time to support Clif in our next chapter of growth,” said Sally Grimes, Chief Executive Officer, Clif Bar & Company. “Our purposes and cultures are aligned and being part of a global snacking company with broad product offerings can help us accelerate our growth while staying true to our deeply ingrained Five Aspirations – sustaining our people, planet, community, business, and brands – five bottom lines that have grounded our company since its founding and will remain our North Star going forward.”
Clif Bar & Company manufactures nutritious and organic food for CLIF®, CLIF Kid®, and LUNA® brands. It is a family- and employee-owned company.
Lead photo: Clif Bar Facebook