UK – Owner of Cadbury chocolate brand, Mondelēz International has agreed to to acquire UK performance nutrition company Grenade from its majority shareholder Lion Capital as part of its continuing expansion into the snacking sector.

The deal comes barely two weeks after Mondelēz purchased Australian based premium cracker company Gourmet Food Holdings.

This is in addition to the acquisition of plant-based snack brand Hu Products which was made in January in an effort to tap into the increasingly popular better-for-you snack segment.

Grenade manufactures a range of sports nutrition products including high-protein bars, shakes, spreads and cookies.

Founded in 2010, the company has a growing presence in the UK and is also available across other regions including North America and Asia Pacific.

Grenade is also said to have a strong e-commerce presence with approximately 25% of its sales coming from online channels.

Mondelēz says its recent acquisition will enable it further expand into the broader snacking and fast-growing well-being segments.

“Grenade’s great-tasting, on-trend products are a great platform for Mondelēz International in the UK market and beyond,” said Dirk Van de Put, chairman and CEO of Mondelēz International.

“This is another exciting opportunity to deliver on our strategy to be a global leader in broader snacking, including in the important area of well-being,” he added.

The company did not disclose the terms of the transaction expected to be completed by the end of March, though Grenade has previously been valued at around £200 million.

Grenade’s current senior leadership will continue to run the business from its headquarters in the UK and will retain a minority equity interest in the company.

Meanwhile, Mondelēz plans to operate the firm separately and will provide resources to support the international growth of the brand.

Alan Barratt, co-founder and CEO of Grenade, said: “When Jules and I founded Grenade from our spare bedroom with a budget of US$700, we dreamt of building an iconic brand available globally.

“This partnership with Mondelēz International gives us access to enormous resource and capability to help make those aspirations a reality and I couldn’t be more excited about our future growth and continued innovation.”

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