Mondelēz International has agreed to acquire Clif Bar & Company for $2.9 billion with additional contingent earnout consideration. The acquisition of leading on-trend brands CLIF, LUNA and CLIF Kid expands Mondelēz International’s global snack bar business to more than $1 billion.
“We are thrilled to welcome Clif Bar & Company’s iconic brands and passionate employees into the Mondelēz International family,” said Dirk Van de Put, chairman and CEO of Mondelēz International. “This transaction further advances our ambition to lead the future of snacking by winning in chocolate, biscuits and baked snacks as we continue to scale our high-growth snack bar business. As a leader and innovator in well-being and sustainable snacking in the U.S, Clif Bar & Company embodies our purpose to ‘empower people to snack right’ and we look forward to advancing this important work with Clif’s committed colleagues in the years ahead.”
Mondelēz International will continue to operate the Clif Bar & Company business from its headquarters in Emeryville, Calif. The company will also continue to manufacture its products in its facilities in Twin Falls, Idaho, and Indianapolis, Ind.
