CHICAGO — International baking giant Mondelez International announced an acquisition agreement for Clif Bar & Company, home to CLIF, LUNA and CLIF Kid, for $2.9 billion with additional contingent earnout consideration.
This addition to Mondelez’s portfolio expands its snack bar business to more than $1 billion worldwide and advances the company’s strategy to sustain higher growth long-term through the reshaping of its portfolio.
“We are thrilled to welcome Clif Bar & Company’s iconic brands and passionate employees into the Mondelez International family,” said Dirk Van de Put, chairman and CEO of Mondelez. “As a leader and innovator in well-being and sustainable snacking in the US, Clif Bar & Company embodies our purpose to ‘empower people to snack right’ and we look forward to advancing this important work with Clif’s committed colleagues in the years ahead.”
By using Mondelez’s global and North American scale, the acquisition is predicted to create cost synergies and be top-line accretive in year two for Clif. In addition to expanding the organic food brand’s sale distributions, it will also provide reach to new and existing customers and channels in the US.
“Mondelez International is the right partner at the right time to support Clif in our next chapter of growth,” said Sally Grimes, CEO of Clif Bar & Company. “Our purposes and cultures are aligned and being part of a global snacking company with broad product offerings can help us accelerate our growth while staying true to our deeply ingrained Five Aspirations: sustaining our people, planet, community, business and brands.”
Clif Bar & Company will continue to conduct business from its Emeryville, CA, headquarters and continue manufacturing in its Twin Falls, ID, and Indianapolis facilities.