Mondelēz International has agreed to acquire Chipita, a manufacturer of croissants and baked snacks in central and eastern Europe, for $2 billion.
Established in Greece in 1973, Chipita manufactures a range of croissants and baked snacks – including cakes, biscuits and spreads – under its brands 7Days, Chipicao and Fineti.
The company’s baked goods, which are produced in 13 manufacturing plants, are distributed to more than 50 countries. In 2020, Chipita recorded annual revenues of approximately $580 million.
Mondelēz says the deal will enable it to meet growing consumer demand for the baking products segment including biscuits, cake and pastry.
The acquisition builds on the multinational company’s expansion into the fast-growing snacking segment, following the purchase of UK performance nutrition brand Grenade, premium cracker company Gourmet Food Holdings, and plant-based snack brand Hu.
“Welcoming Chipita’s delicious pastry products into the Mondelēz International family advances our strategy to become the global leader in broader snacking,” said Dirk Van de Put, chairman and CEO of Mondelēz International.
“Their iconic brands and significant scale across so many attractive geographies make them a strong strategic complement to our existing portfolio and future growth ambitions in Europe and beyond.”
With the acquisition, Mondelēz will also utilise Chipita’s distribution network capabilities in central and eastern Europe, increasing its presence in the regions. According to Mondelēz, the transaction could also lead to innovation and co-branding opportunities as it looks to bring its chocolate brands to new categories.
Chipita CEO, Spyros Theodoropoulos, said: “Chipita, for more than 40 years, based on quality and innovation created a new category of snacks loved by consumers internationally. I am certain that the acquisition of Chipita by Mondelēz International, one of the world’s leading snacking companies, will create new prospects for its people and products.”
The transaction is subject to certain antitrust approvals and closing conditions.
© FoodBev Media Ltd 2021
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