Mondelēz International has announced an agreement to acquire Clif Bar, the leading U.S. maker of nutritious energy bars with organic ingredients, for $2.9 billion with additional contingent earnout consideration. The acquisition will expand Mondelēz International’s global snack bar business to more than $1 billion, including its complementary refrigerated snacking business Perfect Snacks in the U.S. and leading performance nutrition business Grenade in the U.K. The acquisition also advances the company’s strategy to reshape its portfolio to sustain higher long-term growth.
Mondelēz International will continue to operate the Clif Bar business from its headquarters in Emeryville, Calif. The company will continue to manufacture Clif Bar products in its facilities in Twin Falls, Idaho, and Indianapolis, Ind.
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The transaction is expected to be top-line accretive in year two and to create cost synergies by using Mondelēz International’s global and North American scale to expand Clif’s sales distribution and to gain further penetration in existing and new customers and channels in the U.S. Subject to customary closing conditions and a pre-closing F reorganization and conversion to a limited liability company by Clif Bar, the transaction is expected to close in the third quarter of this year, following customary regulatory review.
The acquisition will build on Mondelēz International’s prioritization of fast-growing snacking segments in key geographies. So far this year, Mondelēz International has announced an agreement to acquire Ricolino, Mexico’s leading confectionery company, from Grupo Bimbo and closed on its acquisition of Chipita S.A., a leader in the Central and Eastern European snack-size cakes and pastries category.