USA – Mondelez International has agreed to acquire majority stake in Perfect Snacks, maker of frozen nutrition bars as it looks to expand in the fast-growing refrigerated nutrition bars segment.
The acquisition is an important addition to Mondelez’s portfolio of global brands including well-being snacks that meet consumer need for healthier products.
Mondelēz International plans to operate Perfect Snacks as a separate business in order to nurture its entrepreneurial spirit and maintain the authenticity of the brand, while providing resources to help accelerate growth.
The current senior leadership, including Bill, Leigh and Charisse Keith, will continue to run the business from its headquarters in San Diego, California and they will retain a significant minority equity interest in the company.
All Perfect Snacks products will continue to be made at their current manufacturing locations.
“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.”
Perfect Snacks is known for offerings such as the Original Refrigerated Protein Bar™, Perfect Snacks’ organic, non-GMO, nut-butter based protein bars and bites.
It has since expanded to include innovations like Perfect Kids™ Refrigerated Snack Bars and Perfect Bites™ Refrigerated Protein Snacks.
The brand was started in 2005 by Bill Keith along with six of his 13 siblings in 2005, with inspiration from their father Bud Keith, after he was diagnosed with cancer.
Most of the products are distributed in the US and in 2018, the business generated approximately $70 million in net revenue, with strong double-digit growth year-on-year.
The transaction which is subject to regulatory approval is expected to close later in the summer, boosting Mondelez’s innovation and consumer penetration in the US and beyond.
“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 deal comes after Mondelez made minority investments in US food brands Hu (Human) Master and Uplift Food under the newly launched innovation hub SnackFutures.
In 2018, the company acquired Tate’s Bake Shop from global private equity firm The Riverside Company for US$500 million.