Mondelēz International Inc. has agreed to acquire Clif Bar & Company, a leading U.S. maker of nutritious energy bars with organic ingredients, for $2.9 billion and additional contingent earnout considerations.
The acquisition, which includes brands CLIF, LUNA and CLIF Kid, expands Mondelēz International’s global snack bar business to more than $1 billion, including its complementary and leading refrigerated snacking business Perfect Snacks in the United States and performance nutrition business Grenade in the United Kingdom. The purchase also advances the company’s strategy to reshape its portfolio to sustain higher long-term growth.
Mondelēz International Chairman and CEO Dirk Van de Put said, “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.”
The transaction is expected to be top-line accretive in year two and create cost synergies by using Mondelez International’s global and North American scale to expand Clif’s sales distribution and gain penetration in existing and new customers and channels in the United States.
“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.”
Mondelēz International will continue to operate the Clif Bar & Company business from its headquarters in Emeryville, Calif., nurturing its entrepreneurial spirit and maintaining the brand’s purpose and authenticity. The company will continue to manufacture its products in its facilities in Twin Falls, Idaho and Indianapolis.
The acquisition of Clif Bar & Company will build on Mondelēz International’s prioritization of fast-growing snacking segments in key geographies. This year, the company has announced an agreement to acquire Ricolino, Mexico’s leading confectionary 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.
For additional information, visit www.mondelezinternational.com
