Mondelez International Acquires Clif Bar & Co. for $2.9B
Mondelez is looking to energize its growth strategy by adding Clif Bar & Co. to its portfolio
Mondelez International, which owns cookie and cracker brands such as Belvita, Ritz, Chips Ahoy!, and Oreo, has announced the addition of Clif Bar & Company to its portfolio. The decision was made to energize the snack company’s long-term growth strategy and to reflect the growing demand for protein and energy products.
Mondelez acquired the California-based Clif Bar & Company for $2.9 billion, increasing its snack bar business to more than $1 billion. The addition of energy bars complements its existing well-being and sustainable snack offerings, like Perfect Snacks.
The company best known for its energizing CLIF bar, created by Gary Erickson after a 175-mile bicycle ride, once turned down a $120 million offer from Quaker Oats.
The deal with Mondelez includes brands Luna and Clif Kid. Mondelez will continue to operate the bar company business from its headquarters in Emeryville, CA, and will maintain manufacturing in Twin Falls, ID and Indianapolis, IN.
Clif Bar & Company, with its non-GMO and organic ingredients, embodies Mondelez’s mission to “empower people to snack right,” according to Dirk Van de Put, Chairman and CEO of Mondelez International.
“Mondelez 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.”
According to Allied Market Research, the global energy bar market size was valued at $645 million in 2020 and is predicted to reach $1,010.9 million by 2028.
