Clif Bar bought in $2.9 Billion deal with Mondelēz

Global snack food company Mondelēz has revealed plans to buy Clif Bar for an astonishing $2.9 billion.

Trading since 1992, Clif Bar has become a global nutrition business generating in excess of $800 million in sales, some of which are routed through the cycling market via distributors.

“Mondelēz International is the right partner at the right time to support Clif in our next chapter of growth,” said Sally Grimes, Chief Executive Officer, Clif Bar & Company. “Our purposes and cultures are aligned and being part of a global snacking company with broad product offerings can help us accelerate our growth.”

The buyout is to retain the production facilities in Twin Falls, Idaho, as well as Indianapolis, Indiana.

Included in the deal will be the Clif, Luna and ClifKid brands. The new parent will apparently look to pay additional amounts to sellers based on its earnings going forwards. Closure on the acquisition is expected during Q3 of this year.

Clif Bar, aside from powering its facilities with clean energy means, is known for its sustainability practices. Clif lays claim to having climate neutral operations for the past 18 years.

Mondelēz may be known to many as the parent company to Cadbury, Toblerone and Oreo, among others. The deal for nutrition label is the confectionary giant’s ninth in the past four years.