Mondelēz International Acquires Grenade, A Leading UK Performance Nutrition Company
- Enables expansion in broader snacking and fast-growing well-being segments
- Provides strong platform within attractive high protein and performance nutrition segments
- Company to become one of the UK's market leaders in Snack Bars with 13%* category share
CHICAGO, March 22, 2021 (GLOBE NEWSWIRE) -- Mondelēz International (Nasdaq: MDLZ) today announced an agreement to acquire a significant majority interest in Grenade, a leading UK performance nutrition pioneer in the fast-growing high protein bar segment. Terms of the transaction were not disclosed.
Grenade is one of the category leaders in high-protein bars, and its Carb Killa® has been the best-selling product in the segment since 2016 with a growing presence in the UK and availability across other regions including North America and Asia Pacific.
"Grenade's great-tasting, on-trend products are a great platform for Mondelēz International in the UK market and beyond," said Dirk Van de Put, Chairman & Chief Executive Officer, Mondelēz International. "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."
Grenade was founded by Alan and Juliet Barratt in 2010 with a simple mission to become the number one brand in sports nutrition products. With strong historic performance, solid growth and share gains, Grenade has a strong eCommerce presence with approximately 25 percent of its sales from online channels.
Over the years, Grenade has broadened its consumer base and launched new products including high-protein, low-sugar bars and has innovated into new adjacencies including shakes, spreads and cookies.
"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," said Alan Barratt, co-founder and CEO of Grenade.
Mondelēz International plans to operate Grenade separately to nurture its entrepreneurial spirit and maintain the authenticity of the brand, while providing resources, support and international scale to help accelerate growth. The current senior leadership, including Alan Barratt, will continue to run the business from its headquarters in the UK and will retain a minority equity interest in the company. The deal is expected to close by the end of March.
About Mondelēz International
Mondelēz International, Inc. (Nasdaq: MDLZ) empowers people to snack right in over 150 countries around the world. With 2020 net revenues of approximately $27 billion, MDLZ is leading the future of snacking with iconic global and local brands such as OREO, belVita and LU biscuits; Cadbury Dairy Milk, Milka and Toblerone chocolate; Sour Patch Kids candy and Trident gum. Mondelēz International is a proud member of the Standard and Poor's 500, Nasdaq 100 and Dow Jones Sustainability Index. Visit www.mondelezinternational.com or follow the company on Twitter at www.twitter.com/MDLZ.
About Grenade
Grenade is a market leading sports performance and active nutrition brand, offering a selection of award-winning high protein, low sugar products including bars, drinks and shakes, as well as leading performance nutrition.
Founded in 2010 by husband-and-wife team Alan and Juliet Barratt, Grenade exports to more than 50 countries, and has appeared in The Sunday Times' Fast Track Top 100 for seven consecutive years since 2014. The business currently employs 83 people and is headquartered in Solihull, West Midlands, UK.
Forward-Looking Statements
This press release contains forward-looking statements. Words, and variations of words, such as "will," "may," "expect," "plan" and similar expressions are intended to identify these forward-looking statements, including, but not limited to, statements about Mondelēz International's strategy, the transaction, the expected results of the transaction, the closing of the transaction and the future prospects for the Grenade business. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond Mondelēz International's control, which could cause Mondelēz International's actual results to differ materially from those indicated in these forward-looking statements. Please also see Mondelēz International's risk factors, as they may be amended from time to time, set forth in its filings with the U.S. Securities and Exchange Commission, including its most recently filed Annual Report on Form 10-K. Mondelēz International disclaims and does not undertake any obligation to update or revise any forward-looking statement in this press release, except as required by applicable law or regulation.
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*Euromonitor category data covering Cereal Bars, Fruit & Nuts Bars, Protein Bars, Energy Bars and Other Snack Bar segments