CHICAGO — Snacking and confectionery giant Mondelez International has acquired Chipita, an Athens, Greece-based food manufacturer known for its croissants and baked snacks, for $2 billion.
Mondelez, the iconic owner of brands such as Cadbury chocolate and Oreos, has reportedly been chasing Chipita for a number of years.
“Chipita, based on quality and innovation for more than 40 years, created a new category of snacks loved by consumers internationally,” said Spyros Theodoropoulos, founder and CEO of Chipita . “I am certain that the acquisition of Chipita by Mondelez International, one of the world’s leading snacking companies, will create new prospects for its people and products.”
Chipita makes snack products under brands such as its namesake, along with 7 Days, Finetic and Chipicao, which together generated sales last year of about $580 million. The business has 13 manufacturing plants and distributes its products in more than 50 countries.
Chicago-based Mondelez said the deal brings new categories to its own setup, and a “significantly increased presence in the fast-growing central and eastern European markets where Chipita’s business is especially well-positioned,” according to a published statement from the company.
This acquisition is a strategic move for Mondelez, as the company seeks to expand its portfolio in European markets.
"Welcoming Chipita's delicious pastry products into the Mondelez International family advances our strategy to become the global leader in broader snacking," said Dirk Van de Put, Mondelez chair and CEO.
“Welcoming Chipita’s delicious pastry products into the Mondelez International family advances our strategy to become the global leader in broader snacking,” said Dirk Van de Put, Mondelez chair and CEO. “Their iconic brands and significant scale across so many attractive geographies make them a strong strategic complement to our existing portfolio and future growth ambitions in Europe and beyond.”
The Chipita transaction adds to a busy year for Mondelez. It recently acquired the UK-based sports nutrition business Grenade, and in March struck deals for biscuits and crackers firm Gourmet Food Holdings in Australia and better-for-you chocolate and snacks maker Hu Master Holdings in the US.
Mondelez said it will use Chipita’s central and eastern European network to enhance its own distribution in the region and will also pursue innovation and co-branding opportunities to enter new categories.