Mondelez has acquired a majority stake in Evirth, a Chinese cake and pastry company.
Mondelez had already bought a minority share of the company to boost the growth of some of its products in China, such as Oreo and Philly.
According to the Cadbury parent’s statement, the move represents “an important step” forward in Mondelez’s ambition to accelerate growth in the cakes and pastries category, which is a primary priority for the firm alongside chocolate and biscuits.
Evirth, established in 2013, specialises in mille pancake cakes, Swiss cake rolls, mousse cakes, cheesecakes, snowy mooncakes and other related items for membership clubs, retail chains, catering chains, ‘new media retailers’ and other channels.
“By bringing in Mondelez’s brand experience, technical strength, and international network, Evirth can be better positioned to provide premium products for our customers and consumers,” said Linfeng Xu, chairman, founder and GM of Evirth.
Modelez said it has reported strong growth in cakes, pastries, and other baked treats following the acquisition of Give & Go in 2020.
In May, the company opened its US$5 million regional biscuit and baked snacks lab and innovation kitchen in Singapore to serve its Australasian, Asia Pacific, Middle Eastern, and African businesses.
