Mondelez International today (May 7) announced an agreement with private equity firm The Riverside Co. and other shareholders, including founder Kathleen King, to acquire premium cookie maker Tate’s Bake Shop for approximately $500 million.
Founded in 2000 on Long Island, N.Y., Tate’s is known for its signature thin and crispy cookies with simple, authentic, high-quality ingredients and has cultivated a devoted consumer following across the country, the acquirer said.
"With a strong founder story and on-trend products, Tate’s has been one of the fastest growing biscuit brands in the United States over the past 12 months," Mondelez said. "The brand’s sales have quadrupled over the past five years. In 2018, retail sales in measured channels have grown by more than 40 percent through March."
“Tate’s is a great strategic fit that will complement our portfolio of beloved snacks brands,” said Dirk Van de Put, Mondelez chairman and CEO. "This acquisition gives us an attractive entry point into the fast growing premium cookie segment."
Mondelez International will operate Tate’s as a separate standalone business to nurture its entrepreneurial spirit and maintain the authenticity of the brand while providing resources to accelerate growth. Tate’s Bake Shop senior leadership will continue to run the Tate‘s business from its headquarters on Long Island, including its Bake Shop located in Southampton. Tate’s will continue to produce all products at its current manufacturing facility.
