Mondelez International: completes Perfect Snacks deal

Mondelez International, Inc. has completed the previously announced acquisition of a majority interest in Perfect Snacks, a Sorrento Valley, Calif.-based maker of refrigerated nutrition bars and bites. Financial terms of the transaction were not disclosed.

The company plans to operate Perfect Snacks as a standalone business while supporting distribution and product development.

“The Perfect Snacks majority acquisition further expands our leadership position in broader snacking, including the fast-growing segments of well-being and refrigerated snacking,” said Glen Walter, executive vice-president and president of North America for Mondelez International. “We are excited to begin working with and supporting the Keith family to accelerate the brand’s next chapter of growth as part of our existing portfolio of global and local brands.”

Products sold by Perfect Snacks include Perfect Bar refrigerated protein bars featuring nut butters as well as a line of products for children. The business generated approximately $70 million in sales in 2018.

The acquisition builds on Mondelez International’s strategy to “reinvent the future of snacking” through investment and innovation. In April, the company took a minority stake in Hu Products and Hu Kitchen, New York, a snack company that manufactures clean label, paleo-inspired products. In March, Mondelez purchased a minority stake in Uplift Food, an early-stage start-up focused on prebiotic functional foods.

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