Mondelēz International to Acquire Leading In-store Bakery Company, Give & Go
February 25 2020 - 8:05AM
Mondelēz International today announced an agreement to acquire a
significant majority interest in Give & Go, a North American
leader in fully-finished sweet baked goods and owners of the famous
“two-bite”® brand and the “Create-A-Treat”® brand known for cookie
and gingerbread house decorating kits. Give & Go is being sold
by funds affiliated with Thomas H. Lee Partners, L.P. (THL).
With a leading position in brownies, cupcakes, pastries and
muffins, as well as access to the fast-growing in-store bakery
channel, the acquisition of Give & Go expands Mondelēz
International’s leadership in broader snacking. Founded in 1989,
Give & Go’s delicious and on-trend products are a complementary
addition to Mondelēz International’s portfolio of global and local
brands such as Oreo, Cadbury, Milka and belVita, as well as Tate’s
Bake Shop and Perfect Snacks. The company has delivered attractive
growth over the past several years with net revenues of
approximately $500 million in 2019.
“Our ambition is to lead the future of snacking by offering
consumers a broad range of snacks in key growth channels and
categories,” said Glen Walter, Executive Vice President and
President, North America, for Mondelēz International. “Give &
Go’s leading position in the large and fast-growing in-store bakery
channel gives us a unique opportunity to expand into new, on-trend
consumer spaces. Similar to our recent acquisitions of Perfect
Snacks and Tate’s Bake Shop, this is yet another great example of
our bolt-on acquisition strategy to establish foundations in faster
growing snacking adjacencies. We look forward to working with Joel
Flatt and the entire Give & Go management team to build upon
their strong success.”
“Our previous owner, THL, has been a great partner and invested
significantly to grow our business. We are now very excited to be
joining the Mondelēz International family and this amazing
portfolio of iconic snack brands,” said Joel Flatt, President and
CEO of Give & Go. “There are significant opportunities for us
to accelerate the growth of our business by utilizing Mondelēz
International’s unique capabilities, and our shared desire to
invest in innovation that drives consumer engagement and deeper
strategic retail partnerships.”
As with other recent acquisitions such as Perfect Snacks,
Mondelēz International will operate Give & Go separately in
order to nurture its innovative and entrepreneurial spirit while
providing access to consumer and channel insights, procurement and
marketing resources to accelerate growth. After the deal closes,
Give & Go’s senior leadership team will retain a minority
interest in the company and continue to run the business from their
existing headquarters. All Give & Go products will continue to
be made at their current manufacturing locations.
The transaction is subject to customary closing conditions and
expected to close in the second quarter of 2020. About
Mondelēz InternationalMondelēz International, Inc.
(NASDAQ: MDLZ) empowers people to snack right in over 150 countries
around the world. With 2019 net revenues of approximately $26
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 Give &
GoGive & Go Prepared Foods Corp is the leader in
portion control, mini treats within the in-store bakery of
retailers across North America. Give & Go produces
fully-finished, sweet baked goods for every key season across four
key consumer consumption occasions: Celebration Solutions,
Breakfast Solutions, Everyday Treats and Better For You Snacking.
Give & Go operates under our proprietary brands: two-bite®,
Create-A-Treat®, Mason St. Bakehouse®, and The Worthy Crumb Pastry
Co.®. The Company strives to remain at the forefront of innovation,
both in product development and retailer solutions, based on
consumer research and a deep understanding of our retail partners’
needs. Learn more at www.giveandgo.com and follow us on
LinkedIn.
Forward-Looking Statements This press release
contains forward-looking statements. Words, and variations of
words, such as “will,” “expect” and similar expressions are
intended to identify these forward-looking statements, including,
but not limited to, statements about the transaction, the expected
results of the transaction and the timing for closing the
transaction. 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 SEC, 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.
Contacts: |
Tom Armitage (Media) |
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+1-847-943-5678 |
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news@mdlz.com |
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