Mondelez International has agreed to acquire Clif Bar & Co. for at least $2.9 billion, with additional consideration possible. Clif Bar has been owned by a founding family and its employees.
Snack bars have not been a huge part of Mondelez’s portfolio, but brands Clif, Clif Kid and Luna will bring Mondelez’s global snack bar business to more than $1 billion, the acquirer said, “including 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.”
“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," said Dirk Van de Put, Chairman and CEO of Mondelez International.
Founders Gary Erickson and Kit Crawford were co-CEOs at Clif until Sally Grimes, formerly Tyson’s group president for prepared foods, became CEO in June 2020.
Mondelez said it will continue to operate the Clif Bar business from its headquarters in Emeryville, Calif., “nurturing its entrepreneurial spirit and maintaining the brand’s purpose and authenticity.” The company will also continue to manufacture products in facilities in Twin Falls, Idaho, and Indianapolis.
It’s been a while since Mondelez made an acquisition in the U.S. Its purchases in the past 18 months have been in Mexico, Greece, United Kingdom and Australia. It did acquire Hu Master Holdings, a New York chocolatier, in January 2021.
