Sector News

Mondelez to acquire refrigerated snack bar company

June 20, 2019
Food & Drink

Mondelez International, Inc., is acquiring Perfect Snacks, Sorrento, Valley, Calif., a manufacturer of refrigerated snack bars. Terms of the acquisition were not disclosed.

Products sold by Perfect Snacks include refrigerated protein bars and bites for adults featuring nut butters as well as a line of products for children. The business generated approximately $70 million in sales in 2018, according to Mondelez International.

“Perfect Snacks is an amazing brand, growing fast and a great complement to our existing portfolio that expands our leadership across broader snacking,” said Glen Walter, executive vice-president and president of North America for Mondelez. “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.”

Chocolate Walnut Brownie Perfect BarMondelez International said it plans to operate Perfect Snacks as a separate business in order to “nurture its entrepreneurial spirit.”

“We believe Mondelez International’s purpose, to ‘empower people to snack right’, aligns very well with why we started this brand and this business,” said Bill Keith, co-founder and chief executive officer of Perfect Snacks. “We look forward to the great opportunity for Perfect Snacks to continue to grow and innovate as part of Mondelez International.”

In April, Mondelez International took a minority stake in Hu Products and Hu Kitchen, New York, a snack company that manufactures clean label, paleo-inspired products. In March, the snack maker also took a minority stake in Uplift Food, an early-stage start-up focused on prebiotic functional foods.

By Keith Nunes

Source: Food Business News

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