Mondelēz International has reached an agreement to acquire Chipita S.A., a company specialising in croissants and baked snacks.
Chipita S.A., established over 40 years ago in Greece, is one of the leading snack companies in Central and Eastern Europe.
The acquisition will enable Mondelēz International to expand its bakery portfolio to meet the growing demand in the segment.
It will also increase its presence in the fast-growing Central and Eastern European markets, where Chipita S.A.’s business is well-positioned.
“Welcoming Chipita S.A.’s delicious pastry products into the Mondelēz International family advances our strategy to become the global leader in broader snacking,” commented Dirk Van de Put, chairman and CEO, Mondelēz International.
“Their iconic brands and significant scale across so many attractive geographies make them a strong strategic complement to our existing portfolio and future growth ambitions in Europe and beyond,” added Van de Put.
Over time, the group expects the deal to result in various benefits, including procurement and manufacturing expertise, building upon Chipita S.A.’s differentiated capabilities.
Since its inception 40 years ago, Chipita S.A. has evolved into one of the fastest-growing food companies in the region.
The group has a proven track record of consistent growth with its croissant and baked snacks portfolio, including the brands 7Days, Chipicao, and Fineti.
In 2020, Chipita S.A. generated approximately $580 million of revenue.
Chipita S.A.’s products are produced in 13 manufacturing plants and sold in more than 50 countries to approximately 2 billion consumers, making it a strong platform in the $65 billion global packaged cakes and pastry category.
The acquisition builds on Mondelēz International’s continued expansion into fast-growing snacking segments.
In 2021, the company acquired Grenade, a UK performance nutrition company; Gourmet Food Holdings, an Australian food company in the premium biscuit and cracker category; and Hu, a well-being snacking company in the United States.