Snacking brand Mondelēz International has recently announced its acquisition of a majority interest in Perfect Snacks®, a powerhouse in the fast-growing refrigerated nutrition bars category. Perfect Snacks will be bringing its organic, non-GMO, nut-butter based protein bars to Mondelēz International’s already rich brand portfolio, which includes Oreo, Cadbury, Milka, belVita, and Tate’s.
“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. Well-being snacks in general, and refrigerated well-being snacks in particular, are a fast-growing segment and we look forward to working with and supporting the Keith family to help accelerate this brand’s great momentum.”
Mondelēz International has plans to operate its newly-acquired brand as a separate business to nurture its entrepreneurial spirit, while maintaining the authenticity and integrity of the brand. Mondelēz International will also provide resources to help accelerate the brand’s growth. According to a press release, Perfect Snacks’ current senior leadership, consisting of Bill, Leigh, and Charisse Keith, will continue to run the business from its San Diego, CA, headquarters, and will retain a significant minority equity interest in the company. The brand’s products will continue to be produced at its current manufacturing locations.
“We are so excited to be joining the Mondelēz International family,” said Bill Keith, Co-Founder and CEO of Perfect Snacks. “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.”
The refrigerated snacks segment generates $20 billion in annual sales in the U.S. and represents one third of the total U.S. snacking market. In that space, better-for-you snacks, which include nutrition bars, yogurts, packs with nuts and fruit, and hummus, represent around $7 billion and is growing faster than other refrigerated snacks at around eight percent over the past three years, according to the press release.
This acquisition is expected to generate growth opportunities for the brand by leveraging Mondelēz International’s scale and resources to expand consumer penetration and U.S. distribution of Perfect Snacks’ products and future innovation.
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