Mondelēz International is continuing its expansion in the snacking sector, as it agrees to acquire UK performance nutrition company Grenade from its majority shareholder Lion Capital.
The deal comes on the heels of Mondelēz’ purchase of premium cracker company Gourmet Food Holdings and plant-based snack brand Hu Products, as the business looks to strengthen its position in the snacking sector.
Grenade manufactures a range of sports nutrition products including high-protein bars, shakes, spreads and cookies. Most recently, the brand added three new flavours to its energy drink line.
Founded in 2010, the company has a growing presence in the UK and is also available across other regions including North America and Asia Pacific. Grenade is said to have a strong ecommerce presence with approximately 25% of its sales coming from online channels.
Mondelēz says its recent acquisition will enable its expansion in broader snacking and fast-growing well-being segments. The company did not disclose the terms of the transaction – which is expected to be completed by the end of March – but Grenade has previously been valued at around £200 million.
“Grenade’s great-tasting, on-trend products are a great platform for Mondelēz International in the UK market and beyond,” said Dirk Van de Put, chairman and CEO of Mondelēz International.
“This is another exciting opportunity to deliver on our strategy to be a global leader in broader snacking, including in the important area of well-being,” he added.
Alan Barratt, co-founder and CEO of Grenade, said: “When Jules and I founded Grenade from our spare bedroom with a budget of $700, we dreamt of building an iconic brand available globally.
“This partnership with Mondelēz International gives us access to enormous resource and capability to help make those aspirations a reality and I couldn’t be more excited about our future growth and continued innovation.”
Following completion of the deal, Grenade’s current senior leadership will continue to run the business from its headquarters in the UK and will retain a minority equity interest in the company. Meanwhile, Mondelēz plans to operate the firm separately and will provide resources to support the international growth of the brand.
© FoodBev Media Ltd 2023