Mondelēz International to Acquire Clif Bar & Company, U.S. Leader in Fast-Growing Energy Bars
21 June 2022 - 6:05AM
Mondelēz International, Inc. (Nasdaq: MDLZ) today announced an
agreement to acquire Clif Bar & Company, leading U.S. maker of
nutritious energy bars with organic ingredients, for $2.9 billion
with additional contingent earnout consideration. The acquisition
of leading on-trend 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 U.S. and leading
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 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,
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, CA,
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 Twin Falls, ID, and
Indianapolis, IN.
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, Mondelēz International
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. This progress
followed a year of strong global snacking 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 attractive premium biscuit and cracker category; and Hu, a
well-being snacking company in the United States.
The acquisition is subject to customary closing conditions and a
pre-closing F reorganization and conversion to a limited liability
company by Clif Bar & Company, and the transaction is expected
to close in Q3 following customary regulatory review.
About Mondelēz InternationalMondelēz
International, Inc. (Nasdaq: MDLZ) empowers people to snack right
in over 150 countries around the world. With 2021 net revenues of
approximately $29 billion, MDLZ is leading the future of
snacking with 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.
Mondelēz International is a proud member of the Standard and Poor’s
500, Nasdaq 100 and Dow Jones Sustainability Index. Visit
www.mondelezinternational.com or follow the company on Twitter at
www.twitter.com/MDLZ. About Clif Bar &
Company For nearly 30 years, Clif Bar & Company
has crafted nutritious and organic food for CLIF®, CLIF Kid®, and
LUNA® brands. Family- and employee-owned, Clif Bar is committed to
sustaining its people, community, planet, brands, and business. For
more information, please visit www.clifbar.com, check us out
on Facebook, Instagram, Twitter,
and YouTube.
Forward-Looking StatementsThis press release
contains forward-looking statements. Words, and variations of
words, such as “will,” “may,” “expect” and similar expressions are
intended to identify these forward-looking statements, including,
but not limited to, statements about Mondelēz International’s
strategy and plans for growth; the transaction, the expected
results of the transaction and the impact of the transaction on
Mondelēz International’s business; and the consideration for and
closing of the transaction. These forward-looking statements are
subject to a number of risks and uncertainties, many of which are
beyond Mondelēz International’s control, which could cause Mondelēz
International’s actual results to differ materially from those
indicated in these forward-looking statements. Please also see
Mondelēz International’s risk factors, as they may be amended from
time to time, set forth in its filings with the U.S. Securities and
Exchange Commission, including its most recently filed Annual
Report on Form 10-K and Quarterly Report on Form 10-Q. There may be
other factors not presently known to Mondelēz International or
which it currently considers to be immaterial that could cause
Mondelēz International’s actual results to differ materially from
those projected in any forward-looking statements it makes.
Mondelēz International disclaims and does not undertake any
obligation to update or revise any forward-looking statement in
this press release, except as required by applicable law or
regulation.
Contact: |
Tracey Noe (Media) |
Shep Dunlap (Investors) |
|
+1 847
943 5678 |
+1 847
943 5454 |
|
news@mdlz.com |
ir@mdlz.com |
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Photos accompanying this announcement are available
at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/4767cc72-468c-4088-989b-ad23ff10c0ef
https://www.globenewswire.com/NewsRoom/AttachmentNg/b64e3497-ace4-4f3b-92c4-f72b720a87a5
The photos are also available at Newscom,
www.newscom.com, and via AP PhotoExpress.
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