Mondelēz International Inc. has agreed to acquire a significant majority stake in Chinese bakery company Evirth, subject to customary closing conditions and regulatory approval. According to the announcement shared by Mondelēz, Evirth develops and manufactures frozen cakes and pastry products for club store, retail, catering and new-media commerce channels. Its products include mille crepe cakes, Swiss cake rolls, mousse cakes, cheesecakes, puffs, Daifuku, snowy mooncakes, cookies and other products.
The deal gives Mondelēz a growth catalyst in cakes and pastries, considered a core focus alongside chocolate and biscuits. Chinese consumers increasingly seek fresh, premium options in the snacking arena, and the company believes Evirth, which was founded in 2013, gives them an inside track there. The transaction also builds upon Mondelēz’s current minority investment in Evirth.
The company reported that it has delivered strong growth in cakes, pastries and other baked goods, harkening back to its April 2020 acquisition of Give & Go, a North American frozen-to-fresh brownies, cookies, cupcakes and related products manufacturer. Further, its January 2022 acquisition of Chipita Global SA, a processor of croissants, baked rolls and related snacks in Central and Eastern Europe has added geographic reach to this area of the business.
