Mondelēz International Completes Tate’s Bake Shop Acquisition
Mondelēz International has announced that it has completed its previously announced acquisition of Tate’s Bake Shop, a premium cookie and baked goods brand.
Mondelēz plans to operate Tate's as a separate standalone business under its current management team to nurture its entrepreneurial spirit.
It also said that it plans to 'maintain the authenticity of the brand while providing resources to accelerate growth'.
“The Tate’s Bake Shop acquisition represents the type of bolt-on transaction that will leverage our strengths and drive growth and value for our shareholders,” said Dirk Van de Put, chairman and chief executive officer of Mondelēz International.
“Tate’s on-trend products complement our existing biscuits portfolio and provide access into the fast-growing premium cookie segment. We‘re excited to begin working with the Tate’s team to expand the reach of this beloved authentic brand to more consumers around the world.”
Founded in Southampton, New York by Kathleen King, Tate’s Bake Shop describes itself as a manufacturer of 'classic American baked goods'
The company is looking forward to benefiting from the 'unparalleled distribution channels and sales and marketing capabilities of Mondelēz International to extend its popular treats to more consumers and build upon a strong track record of profitable growth', according to a statement.
Mondelēz International recorded a full-year revenue of $25.89 billion in 2017, which was 0.1% down on the previous year.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.