Mondelez acquires majority interest in Perfect Snacks

Deerfield-based snack maker Mondelez International continued its investment in small companies Thursday by acquiring a majority interest in Perfect Snacks, a maker of healthy, refrigerated nutrition bars.

Specific terms of the investment were not announced.

The California-based company, founded by Bill Keith and his siblings Leigh and Charisse in 2005, offers a range of refrigerated snacks including the Original Refrigerated Protein Bar. The organic, non-GMO, nut-butter based protein bars and bites will expand Mondelez's portfolio of snack iconic brands, which includes Oreo cookies, Cadbury and Milka chocolates, and belVita biscuits, the company said in a release.

Perfect Snacks has already developed loyal consumer base and increased distribution in U.S. retailers, company officials said.

"Perfect Snacks is an amazing brand, growing fast and a great complement to our existing portfolio that expands our leadership across broader snacking," said Glen Walter, Mondelez' executive vice president and president for North America. "Well-being snacks in general, and refrigerated well-being snacks in particular, are a fast-growing segment and we look forward to working with and supporting the Keith family to help accelerate this brand's great momentum."

The U.S. refrigerated snacks segment generates $20 billion in annual sales and represents one third of the total U.S. snacking market, according to global market researcher Mintel. Well-being snacks, which includes nutrition bars, packs with nuts and fruits, yogurts and hummus, represent around $7 billion and is growing faster than other refrigerated snacks at around 8 percent a year over the past three years.

Perfect Snacks will continue to operate as a separate business and the current senior leadership, including Bill, Leigh and Charisse Keith, will continue to run the business from its headquarters in San Diego. All Perfect Snacks products will continue to be made at their current manufacturing locations.

"We believe Mondelez International's purpose, to 'empower people to snack right', aligns very well with why we started this brand and this business," said Perfect Snacks CEO Bill Keith. "We look forward to the great opportunity for Perfect Snacks to continue to grow and innovate as part of Mondelez International."

Perfect Snacks is the latest in a series of acquisitions and investments by Mondelez. In April, the company acquired New York-based Hu Master Holdings, a producer of organic, paleo, and vegan chocolates and coffee powders. A month earlier, Mondelez made a majority investment in Uplift Food, a early-stage startup focusing on prebiotic foods. The company has also made an investment in The Hatchery Chicago, a nonprofit food business incubator based in Chicago's Garfield Park neighborhood.