Mondelez acquires UK nutrition company Grenade
Mondelez announced on Monday it will be acquiring a significant majority interest in UK performance nutrition pioneer Grenade.
In its press release, Mondelez said that it plans to operate Grenade separately in order to nurture its entrepreneurial spirit and maintain the authenticity of the brand, but would provide it with resources to boost growth.
However, the terms of the deal however were not disclosed.
Current senior leadership, including Alan Barratt, would continue to run the business from its headquarters in the UK and would retain a minority equity interest in the company.
Transaction close was expected by the end of March.
The British high-protein bar maker already had a growing presence in the UK and availability across other regions including North America and Asia Pacific.
Grenade meanwhile had a strong eCommerce presence with approximately 25% of its sales coming from online channels.
"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 & Chief Executive Officer, 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.
"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 resources and capability to help make those aspirations a reality and I couldn't be more excited about our future growth and continued innovation," added Alan Barratt, co-founder and CEO of Grenade.