Snack giant Mondelēz International, Inc has announced plans to buy a majority stake in UK protein bar company Grenade, expanding the mix of its healthy snacks offerings.
The terms of the deal were not disclosed. Sky News reported that the deal was for £200 million (€232.5 million).
The move has perfect timing as Mondelēz has seen a surge in demand for its snacks and chocolates as people hunkered down during COVID-19 lockdowns.
Last quarter, the company's revenue rose nearly 6% in Europe and about 14% in North America, Mondelēz's two largest markets.
Mondelēz said Grenade's current senior leadership, including co-founder Alan Barratt, would maintain a minority interest in the company and it would operate separately.
“Grenade’s great-tasting, on-trend products are a great platform for Mondelēz International in the UK market and beyond,” commented Dirk Van de Put, chairman and chief executive, 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 entrepreneurs Alan and Juliet Barratt in 2010, and currently generates around 25% of its sales from online channels.
“When Jules and I founded Grenade from our spare bedroom with a budget of $700, we dreamt of building an iconic brand available globally," said Alan Barratt, co-founder and CEO of Grenade.
"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,”