Mondelez International announced an agreement to acquire a majority interest in Perfect Snacks, a pioneer in the fast-growing refrigerated nutrition bars segment. With a range of refrigerated offerings including the Original Refrigerated Protein Bar, Perfect Snacks organic, non-GMO, nut-butter based protein bars and bites are a great addition to Mondelez Internationals portfolio of global and local brands which includes Oreo, Cadbury, Milka and belVita, as well as Tates.
Inspired by their father, Bud Keith, and his early innovations in delivering whole food nutrition, the eldest of his 13 children came together in 2005 to turn his original nutrient-dense recipe into a brand that consumers have grown to love. With a loyal consumer base and increased distribution in U.S. retailers, the Perfect Snacks product range has recently expanded from the original Perfect Bar®, to include exciting innovations like Perfect Kids Refrigerated Snack Bars and Perfect Bites Refrigerated Protein Snacks. In 2018, the business generated approximately $70 million in net revenue, with strong double-digit growth year-on-year.
The U.S. refrigerated snacks segment generates $20 billion in annual sales and represents one third of the total U.S. snacking market. Within that space, well-being snacks, which includes nutrition bars, packs with nuts and fruits, yogurts as well as hummus, represent around $7 billion and is growing faster than other refrigerated snacks at around 8 percent a year over the past three years.1
We have a mission to lead the future of snacking by offering the right product, for the right moment, made the right way, said Glen Walter, Executive Vice President and President, North America, for Mondelez International. Perfect Snacks is an amazing brand, growing fast and a great complement to our existing portfolio that expands our leadership across broader snacking. Well-being snacks in general, and refrigerated well-being snacks in particular, are a fast-growing segment and we look forward to working with and supporting the Keith family to help accelerate this brands great momentum.
We are so excited to be joining the Mondelez International family, said Bill Keith, Co-founder and CEO of Perfect Snacks. We believe Mondelez Internationals purpose, to empower people to snack right, aligns very well with why we started this brand and this business. We look forward to the great opportunity for Perfect Snacks to continue to grow and innovate as part of Mondelez International.
Mondelez International plans to operate Perfect Snacks as a separate business in order to nurture its entrepreneurial spirit and maintain the authenticity of the brand, while providing resources to help accelerate growth. The current senior leadership, including Bill, Leigh and Charisse Keith, will continue to run the business from its headquarters in San Diego, California and they will retain a significant minority equity interest in the company. All Perfect Snacks products will continue to be made at their current manufacturing locations.
The transaction is expected to create growth opportunities by using the scale and resources of Mondel?z International to expand consumer penetration and U.S. distribution of Perfect Snacks products and future innovation. The acquisition is subject to customary closing conditions and is expected to close later this summer following regulatory review. The financial terms of the transaction were not disclosed.
About Mondelez International
Mondelez International, Inc. (NASDAQ: MDLZ) empowers people to snack right in approximately 150 countries around the world. With 2018 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. Mondel?z International is a proud member of the Standard and Poors 500, Nasdaq 100 and Dow Jones Sustainability Index.
About Perfect Snacks
Perfect Snacks® is a collection of fresh-from-the-fridge protein snacks for the entire family. Inspired by their dads recipe, The Keith Family founded Perfect Snacks in 2005 and pioneered the Fresh Snacking category with Perfect Bar®, The Original Refrigerated Protein Bar. Today, Perfect Snacks continues to lead fresh-snacking innovation with Perfect Bar line extensions and the brands newest platforms, Perfect Kids and Perfect Bites. Find Perfect Snacks in the refrigerated section of more than 27,000 retailers nationwide.