Two legacy brands have joined forces in an iconic agreement. Mondelēz International is set to acquire Clif Bar & Company for $2.9 billion, with additional contingent earnout consideration. Welcoming the CLIF®, LUNA®, and CLIF Kid® brands, Mondelēz’s global snack bar business will expand to reach more than $1 billion.
“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 Chief Executive Officer 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.”
According to a press release, the transaction is expected to be top-line accretive in year two and create cost synergies by using Mondelēz 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 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.”
The Clif Bar & Company will continue to operate from its headquarters in Emeryville, California. The company will also continue to manufacture its products in its facilities in Twin Falls, Idaho, and Indianapolis, Indiana.
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, the press release noted.
Stay tuned for the next moves from these legacy brands.