Mondelēz International has agreed to buy a ‘significant majority interest’ in popular sports nutrition brand Grenade.
The deal, which marks Mondelēz’s further expansion into the healthy snack market, is expected to close by the end of the month. While the details haven’t been disclosed, reports have put the sale price around £200 million.
It’s the first UK acquisition for the company since it took over chocolate maker Cadbury over a decade ago.
Grenade, founded by Alan and Juliet Barratt in 2010, is one of the category leaders in high-protein snack bars, with its Carb Killa® product a best-seller in the segment since 2016. Over the years it has diversified its range to include low-sugar versions, plus shakes, spreads and cookies.
The current senior leadership, including Alan Barratt, will continue to run the business from its UK headquarters and will retain a minority equity interest in the company. Grenade will operate separately, with Mondelēz providing backing and support to help accelerate the brand’s growth, it says.
Dirk Van de Put, chairman & chief executive officer at Mondelēz International, said: “Grenade’s great-tasting, on-trend products are a great platform for Mondelēz International in the UK market and beyond.
“This is another exciting opportunity to deliver on our strategy to be a global leader in broader snacking, including in the important area of well-being.”
Alan Barratt, co-founder and CEO of Grenade, said: “When Jules and I founded Grenade from our spare bedroom with a budget of $700, we dreamt of building an iconic brand available globally.
“This partnership with Mondelēz International gives us access to enormous resource and capability to help make those aspirations a reality and I couldn’t be more excited about our future growth and continued innovation.”
Mondelēz International’s other brands include OREO, belVita, LU biscuits, Cadbury Dairy Milk, Milka, Toblerone chocolate, Sour Patch Kids candy and Trident gum. Its 2020 net revenues were around $27 billion.
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