Mondelēz to buy Clif Bar for $2.9 billion

Mondelēz International will buy Clif Bar & Company for $2.9 billion with the potential for additional payments. The goal is to complete the purchase in the third quarter.

“Mondelēz International is the right partner at the right time to support Clif in our next chapter of growth,” Sally Grimes, chief executive officer of Clif Bar & Company, said. “Our purposes and cultures are aligned, and being part of a global snacking company with broad product offerings can help us accelerate our growth.”

Clif Bar’s headquarter is to remain in Emeryville, California, and manufacturing in Twin Falls, Idaho, and Indianapolis, Indiana.

Grimes had previously acquired the CEO post from Clif Bar founder Gary Erickson and Kit Crawford in the summer of 2020. The founding family and its employees have owned the company until today.

The deal includes three brands, Clif, Luna, and Clif Kid. Mondelez expects the deal to generate $1 billion in business. However, the acquisition will account for only a small portion of the food giant’s annual sales, which amounted to $25 billion in 2019 for the owner of the Milka, Oreo and Chips Ahoy brands.