MONDELEZ INTERNATIONAL takes majority stake in PERFECT SNACKS

Mondelēz International agreed in June 2019 to acquire a majority stake in Perfect Snacks, the San Diego-based owner of the Perfect Bar refrigerated protein bar brand, from the founding Keith family. Announced by the Deerfield, Illinois-based acquirer, the deal remained subject to customary closing conditions and regulatory review, with completion targeted for later that summer; financial terms were not disclosed. Founded in 2005 by the 13 children of Bud Keith, who built the business around their father's nutrient-dense whole food recipe, Perfect Snacks generated net revenue of in 2018, growing at a double-digit clip year on year. Its range spans the Original Refrigerated Protein Bar, Perfect Kids refrigerated snack bars and Perfect Bites refrigerated protein snacks, sold in the refrigerated section of more than 27,000 U.S. retailers. Mondelēz plans to run Perfect Snacks as a separate business, preserving its entrepreneurial setup and brand authenticity while supplying resources to accelerate growth. The current senior leadership, including co-founder and CEO Bill Keith alongside Leigh and Charisse Keith, will continue to run the company from its San Diego headquarters and will retain a significant minority equity interest, with all products continuing to be made at the existing manufacturing locations. The deal adds a fresh-from-the-fridge protein platform to a Mondelēz portfolio that includes Oreo, Cadbury, Milka, belVita and Tate's, and expands its position in well-being snacks.