Mondelēz signs agreement to acquire majority stake in Perfect Snacks

Snack food producer Mondelēz International has signed an agreement to acquire a majority stake in refrigerated nutrition bars maker Perfect Snacks.

Financial details of the deal have not been divulged.

Perfect Snacks offers fresh-from-the-fridge protein food.

Its offerings include the Original Refrigerated Protein Bar, Perfect Snacks’ organic, non-GMO, nut-butter based protein bars and bites.

Perfect Snacks co-founder and CEO Bill Keith said: “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.”

The deal is expected to further enhance Mondelēz International’s portfolio of global and local brands, which include Oreo, Cadbury, Milka and belVita.

Completion of the transaction is subject to customary closing conditions. The deal is expected to close later this year following a regulatory review.

Upon completion, Mondelēz intends to operate Perfect Snacks as a separate business entity in order to maintain the authenticity of the brand.

The snack food producer further added that the existing senior leadership team, including Bill, Leigh and Charisse Keith, will continue to run the business from its headquarters in San Diego, California. All Perfect Snacks products will continue to be produced at the current manufacturing locations.

Mondelēz International North America executive vice-president and president Glen Walter said: “We have a mission to lead the future of snacking by offering the right product, for the right moment, made the right way.

“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.”