FMCG giant Mondelēz has announced it will acquire a majority interest in nutrition bar business Perfect Snacks.
The company’s organic, non-GMO, nut-butter based protein bars and bites will join Mondelēz’ popular brands including Oreo, Cadbury, Milka, belVita and Tate’s.
Perfect Snacks was inspired by Bud Keith and one of his children turned his original recipe into a brand in the US. It responsible for Perfect Bar, Perfect Kids Refrigerated Snack Bars and Perfect Bites Refrigerated Protein Snacks. In 2018, the business generated about US$70 million in net revenue, with strong double-digit growth year-on-year.
“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.”
Mondelēz said that it will operate Perfect Snacks as a separate business to maintain the authenticity of the brand as it provides resources to push further growth.
“We are so excited to be joining the Mondelēz International family. 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,” said Bill Keith, co-founder and CEO of Perfect Snacks.
Its current senior leaders, Bill, Leigh and Charisse Keith, will continue to run the business from its headquarters in San Diego, California. They will retain a significant minority equity interest in the company. Perfect Snacks will continue to manufacture its products in its current factories.
Mondelēz said that the deal is subject to customary closing conditions and is expected to close this summer after regulatory review. The financial terms of the transaction were not disclosed.