Mondelēz International has announced an agreement to acquire a majority interest in Perfect Snacks, a leader in the fast-growing refrigerated nutrition bars segment. With a range of refrigerated offerings including the Original Refrigerated Protein Bar, Perfect Snacks’ organic, non-GMO, nut-butter based protein bars and bites are a good addition to Mondelēz International’s portfolio of global and local brands which includes Oreo, Cadbury, Milka, and belVita, as well as Tate’s.
With a loyal consumer base and increased distribution in U.S. retailers, the Perfect Snacks product range has recently expanded from the original Perfect Bar, to include innovations like Perfect Kids Refrigerated Snack Bars and Perfect Bites Refrigerated Protein Snacks. In 2018, the business generated approximately $70 million in net revenue, with strong double-digit growth year-on-year.
Mondelēz International plans to operate Perfect Snacks as a separate business to maintain the authenticity of the brand, while providing resources to help accelerate growth. The current senior leadership, including Bill, Leigh, and Charisse Keith, will continue to run the business from its headquarters in San Diego and they will retain a significant minority equity interest in the company. All Perfect Snacks products will continue to be made at their current manufacturing locations.
The transaction is expected to create growth opportunities by using the scale and resources of Mondelēz International to expand consumer penetration and U.S. distribution of Perfect Snacks’ products and future innovation. The acquisition is subject to customary closing conditions and is expected to close later this summer following regulatory review. The financial terms of the transaction were not disclosed.Press release