Mondelēz International has announced an agreement to acquire a significant majority interest in Give & Go, a North American manufacturer of sweet baked goods. Give & Go is being sold by funds affiliated with Thomas H. Lee Partners, L.P.
Because Give & Go has a leading position in brownies, cupcakes, pastries, and muffins, as well as access to the fast-growing in-store bakery channel, its acquisition expands Mondelēz’s leadership in broader snacking. Founded in 1989, Give & Go’s products are a complementary addition to Mondelēz’s portfolio of global and local brands such as Oreo, Cadbury, Milka, and belVita, as well as Tate’s Bake Shop and Perfect Snacks.
As with other recent acquisitions, such as Perfect Snacks, Mondelēz will operate Give & Go separately in order to nurture its entrepreneurial spirit while providing access to consumer and channel insights, procurement, and marketing resources to accelerate growth. After the deal closes, Give & Go’s senior leadership team will retain a minority interest in the company and continue to run the business from the existing headquarters. All Give & Go products will continue to be made at their current manufacturing locations.
The transaction is subject to customary closing conditions and expected to close in the second quarter of 2020.
In other news, Mondelēz has announced a renewed commitment to reduce environmental impact and drive sustainable growth at scale, by joining the Science Based Targets initiative (SBTi) and setting greenhouse gas emissions reduction targets consistent with requirements to keep global warming well below 2℃.
Already on track to reduce emissions across its manufacturing operations by 15% by the end of 2020, this expanded commitment will result in a further 10% emissions reduction across Mondelēz’s value chain by 2025, compared to a 2018 baseline. The announcement follows Mondelēz International Chairman and Chief Executive Officer Dirk Van de Put’s signing of the United for Paris Agreement in December 2019.
Mondelēz’s 2025 sustainability goals are focused on making snacks with less energy, water, and waste. These goals are based on an end-to-end, science-based approach to reducing the company’s carbon footprint, including reducing absolute carbon dioxide emissions from manufacturing and addressing deforestation in key raw material supply chains. The science-based approach goes beyond company-owned operations and now includes the end-to-end carbon footprint, including operations outside of the company’s direct control, such as farms producing raw materials, as well as the production, use, and disposal of packaging materials.
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