BY Richard Summerfield
Mondelēz International has agreed to acquire US organic energy-bar maker Clif Bar & Co. for $2.9bn as part of a plan to boost its snacks segment. The acquisition is subject to customary closing conditions and expected to close in Q3 2022, pending 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 chief executive 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. As a leader and innovator in well-being and sustainable snacking in the US, Clif Bar & Company embodies our purpose to ‘empower people to snack right’ and we look forward to advancing this important work with Clif’s committed colleagues in the years ahead.”
According to a statement announcing the deal, the transaction is expected to be top-line accretive in year two and create cost synergies by using Mondelēz International’s global and North American scale to expand Clif Bar’s sales distribution and gain further penetration with existing and new customers and channels in the US. Mondelēz will continue to manufacture Clif’s products in its facilities at Twin Falls, Idaho and Indianapolis, Indiana, the company noted. Clif Bar will remain headquartered in Emeryville to nurture “its entrepreneurial spirit” and maintain the brand’s purpose and authenticity.
“Mondelēz International is the right partner at the right time to support Clif in our next chapter of growth,” said Sally Grimes, chief executive of Clif Bar. “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.”
Mondelēz International has completed a number of acquisitions in recent years. Upon completion, it will be the company’s ninth acquisition since 2018. Other companies acquired include Ricolino, Chipita, Gourmet Food Holdings, Hu, Give and Go, Perfect Snacks and Tate’s Bake Shop.
News: Mondelez to buy energy bar maker Clif Bar for about $3 billion