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U.S. snacks giant Mondelez has struck a deal to buy sports nutrition brand Grenade, as it looks to tap into growing consumer demand for health-focused snacks, which has surged during the COVID-19 pandemic-fueled lockdowns.
Mondelez
MDLZ,
has bought a “significant majority interest” in Grenade from private-equity firm Lion Capital, the company said in a statement on Monday.
The deal marks Mondelez’s first acquisition in the U.K. since its controversial $19.5 billion takeover of U.K. chocolate maker Cadbury in 2010.
Founded in 2010 by husband and wife team Alan and Juliet Barratt, Grenade makes a range of sports nutrition products, including its popular Carb Killa protein bar, which Mondelez said has been the company’s bestselling protein bar since 2011, with a growing presence in the U.K. and availability across other regions, including North America and Asia Pacific.
Chicago-based Mondelez, which also owns the Oreo, Chips Ahoy, and Toblerone brands, didn’t disclose a value for the deal, which it said allows the company to deliver on its strategy to be “a global leader in broader snacking, including in the important area of well-being.”
Read: Unilever Pins Growth Hopes on Plant-Based Foods and Beauty. Why the Stock Is Falling.
Mondelez, which was spun out of consumer giant Kraft in 2012, bought healthy snack and paleo chocolate maker Hu Master Holdings in January for an undisclosed sum. Earlier this month, Mondelez entered the premium biscuit and cracker market in Australia and New Zealand with the acquisition of Gourmet Food Holdings.
The company said on Monday that it will operate Grenade separately to its other operations and will keep its current leadership team. The Barratts will retain a minority stake as part of the deal, which is expected to complete later this year.
