CHICAGO (BRAIN) — One of the largest snack companies in the world announced an agreement to acquire Clif Bar & Company for $2.9 billion. The acquisition by Mondelēz International — which owns brands such as Oreo, Cadbury, and Trident gum — will expand its business to more than $1 billion.
Mondelēz International will also acquire the other Clif brands Luna and Clif Kid. The transaction is expected to close in the third quarter 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, Mondelēz International chairman and CEO. "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 U.S, 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."
Mondelēz International will continue to operate the Clif Bar & Company business from its headquarters in Emeryville, California. The company will also continue to manufacture its products in its facilities in Twin Falls, Idaho, and Indianapolis.
"Mondelēz International is the right partner at the right time to support Clif in our next chapter of growth," said Clif Bar & Company CEO Sally Grimes. "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."
The acquisition of Clif Bar & Company will build on Mondelēz International's continued prioritization of fast-growing snacking segments in key geographies. So far in 2022, it 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-sized cakes and pastries category.
This followed a year of growth in 2021, including the acquisitions of Grenade, a leading U.K. performance nutrition company; Gourmet Food Holdings, a leading Australian food company in the premium biscuit and cracker category; and Hu, a U.S. snacking company.
