The acquisition of on-trend brands CLIF, LUNA and CLIF Kid expands 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 performance nutrition business Grenade in the U.K. This acquisition also advances the company’s strategy to reshape its portfolio to sustain higher long-term growth.
“We are thrilled to welcome Clif Bar & Company’s iconic brands and passionate employees into the Mondelēz International family,” said Dirk Van de Put, chairman and CEO of Mondelēz International. “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 further penetration in existing markets and new customers and channels in the U.S.
“Mondelēz International is the right partner at the right time to support Clif in our next chapter of growth,” said Sally Grimes, CEO of 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 also continue to manufacture its products in its facilities in Indianapolis and Twin Falls, Idaho.
Mondelēz International empowers people to snack right in over 150 countries around the world. With 2021 net revenues of approximately $29 billion, the company has iconic global and local brands such as Oreo, belVita and LU biscuits; Cadbury Dairy Milk, Milka and Toblerone chocolate; Sour Patch Kids candy and Trident gum.