Chicago — Mondelēz International, Inc. has reached an agreement to acquire Clif Bar & Co., which includes the Clif, Luna and Clif Kid brands, for $2.9 billion with additional contingent earnout consideration. The company says the purchase will push the value of its global snack bar business to more than $1 billion.
“We are thrilled to welcome Clif Bar & Company’s iconic brands and passionate employees into the Mondelēz International family,” says 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 company says 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 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,” says 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 & Co. business from its headquarters in Emeryville, CA, and manufacture its products in its facilities in Twin Falls, ID, and Indianapolis, IN.
So far in 2022, Mondelēz International has put in place an agreement to acquire Ricolino, a Mexican confectionery company, from Grupo Bimbo and closed on its acquisition of Chipita S.A., a Central and Eastern European snack-size cakes and pastries maker. This followed a year of global snacking growth in 2021, including the acquisitions of Grenade, a U.K. performance nutrition company; Gourmet Food Holdings, an Australian food company in the premium biscuit and cracker category; and Hu, a well-being snacking company in the U.S.
The acquisition is expected to close in Q3 following customary regulatory review.