Mondelēz International has secured a deal to acquire a majority interest in Perfect Snacks, a US maker of refrigerated nutrition bars.
With increased distribution in US retailers, the Perfect Snacks product range has recently expanded from the original Perfect Bar to include products such as Perfect Kids Refrigerated Snack Bars and Perfect Bites Refrigerated Protein Snacks.
Mondelēz believes the firm’s range of nut butter-based protein bars and bites are a “great addition” to its portfolio of brands such as Oreo, Cadbury, Milka and Belvita.
“We have a mission to lead the future of snacking by offering the right product, for the right moment, made the right way,” said Glen Walter, executive vice president and president, North America, for Mondelēz International.
“Perfect Snacks is an amazing brand, growing fast and a great complement to our existing portfolio that expands our leadership across broader snacking.”
Bill Keith, co-founder and CEO of Perfect Snacks, added: “We believe Mondelēz International’s purpose, to ‘empower people to snack right’, aligns very well with why we started this brand and this business. We look forward to the great opportunity for Perfect Snacks to continue to grow and innovate as part of Mondelēz International.”
In 2018, Perfect Snacks generated approximately $70 million in net revenue. The current senior leadership, including Bill, Leigh and Charisse Keith, will continue to run the business from its headquarters in San Diego, California, and will retain a significant minority equity interest. All Perfect Snacks products will continue to be made at their current manufacturing locations.
Mondelēz International plans to operate Perfect Snacks as a separate business in order to “nurture its entrepreneurial spirit and maintain the authenticity of the brand”.
The transaction is expected to create growth opportunities by using the scale and resources of Mondelēz International to expand consumer penetration and US distribution of Perfect Snacks’ products. The acquisition is expected to close later this summer.
The deal follows Mondelēz’s acquisition last year of US-based cookie maker Tate’s Bake Shop for $500 million.
Last October, Mondelēz launched an ‘innovation hub’ programme called SnackFutures, which aims to capitalise on emerging growth opportunities in the snacking segment.
As part of the initiative, the company has since invested in Uplift Food, an early-stage start-up that produces prebiotic functional food supplements, and Hu, a producer of minimally processed snack foods.
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