Mondelez International will acquire a significant majority interest in high-protein bar brand Grenade as the company continues to move into healthier snack categories.
Grenade’s Carb Killa has been a leading product in the U.K. high-protein bar segment since 2016, according to Mondelez, with a growing presence in the North America and Asia Pacific regions. About 25% of its sales stem from online channels.
Terms of the deal weren’t disclosed, but the Financial Times valued it at around $277 million.
“Grenade’s great-tasting, on-trend products are a great platform for Mondelez International in the U.K. market and beyond,” said Dirk Van de Put, Mondelēz chairman and CEO, in a statement. “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.”
Founded in 2010 by Alan and Juliet Barratt, Grenade’s mission has been to be a leader in sports nutrition products. It has since extended into such categories as shakes, spreads and cookies.
Mondelez intends to operate Grenade separately and help it grow by leveraging the No. 21 consumer goods company’s resources and international scale. Alan Barratt and the rest of the current senior leadership team will continue running the business from its U.K. headquarters. They will retain a minority equity interest in the company.
Grenade currently employs 83 people.
Alan Barratt said the deal, which is expected to close by the end of the month, will help it make the brand’s global aspirations a reality. “I couldn’t be more excited about our future growth and continued innovation.”