Mondelēz International Acquires Clif Bar for $2.9 billion

Jun 23, 2022
by Ed Spratt  
Cam Zink and Tom Van Steenbergen in the gate.

Clif Bar & Company is set to be acquired by one of the biggest snack companies in a $2.9 billion purchase.

2022 continues to be a year of acquisitions as Mondelēz International, the owner of Oreo and Cadbury, will be purchasing Clif Bar and its other brands with the transaction set to complete in the third quarter.

Following the completion of the acquisition, Mondelēz International will continue Clif Bar & Company operations from its base in Emeryville, California with product manufacturing staying at its facilities in Twin Falls, Idaho, and Indianapolis. Mondelēz International has already purchased multiple companies in the past two years with either completed or in progress purchases of Ricolino, Chipita S.A., Grenade, Gourmet Food Holdings and Hu.

bigquotesWe are thrilled to welcome Clif Bar & Company's iconic brands and passionate employees into the Mondelēz International family.

This transaction further advances our ambition to lead the future of snacking by winning in chocolate, biscuits, and baked snacks as we continue to scale our high-growth snack bar business. As a leader and innovator in well-being and sustainable snacking in the U.S, Clif Bar & Company embodies our purpose to 'empower people to snack right,' and we look forward to advancing this important work with Clif's committed colleagues in the years ahead.
Dirk Van de Put, Mondelēz International chairman and CEO

bigquotesMondelēz International is the right partner at the right time to support Clif in our next chapter of growth.

Our purposes and cultures are aligned, and being part of a global snacking company with broad product offerings can help us accelerate our growth while staying true to our deeply ingrained Five Aspirations — sustaining our people, planet, community, business, and brands — five bottom lines that have grounded our company since its founding and will remain our North Star going forward.
Clif Bar & Company CEO Sally Grimes



116 Comments

  • 118 2
 hear me out....cadbury eggs but with whatever the Clif Bar equivalent of GU is stuffed inside.
  • 38 2
 Or cliff bars with cadbury eggs in them!
  • 106 0
 Once i aquired a clif bar for 2.9$ as well
  • 1 0
  so true. $1 each at a grocery store, $3+ at a gas station.
  • 66 0
 Not bad for a company that basically started out as a garage band.
  • 26 0
 This, happy for the founders.
  • 23 1
 This is true capitalism in action. Started from nothing grew the company, passed up an offer for $120M several years ago and now all of that hard work has paid off big time. Stoked for them as well.
  • 54 3
 Agreed, but also kind of a bummer given that the whole spirit of keeping Clif privately owned was to not sell out to the man. Gary, the owner, regularly talks about the importance of prioritizing people, planet, places, etc over profit in his book about starting Clif. The company clearly deviated from that set of values over the last few years, laying off entire teams, cutting a ton of athletes, and probably just doing everything necessary to look good on paper for potential buyers. And then they sold out to a candy company, which is a sad way to go out.
  • 16 3
 @pgomez: Any company that sells for 2.9B prioritized profits over lots of things a long time ago, they even said they were focusing heavily on profit first a year a go I believe. Cliff projected this clean, small business image for a long time after they ceased being a small business and yes, I'm sure this has been the plan for years.

This shouldn't be a surprise though given you saw the writing on the wall and its not a sad way to go out. Its smart as hell, anybody who can offload a business with the impending economy concerns for $2.9B as they head into retirement age is a genius.
  • 15 10
 @warmerdamj: If we want to live in a world where profit is prioritized over everything else (for a few more generations until it's ruined beyond repair) then yeah, selling out to a candy company for $2.9b is a great approach. Not a surprise, but it is f*cking sad. It's sad that one of the longest-standing companies in the outdoor industry that stood as a bastion for doing the right thing when their competition (eg. PowerBar) sold out has now also sold out.
  • 10 2
 @pgomez: Uhmmm, these people created something from nothing, employed many, supported outdoor sports through endless sponsorship, etc... Their payday was inevitable. What you should be concerned about is the level of anti-trust that is happening right now in our country that is actually hurting small businesses everywhere at the hands of Google, Apple, and Amazon, just to name the big three. I am not a big fan of corporatization but the idea that these folks shouldn't reap the rewards for taking a chance, being smart, and working hard is just nuts.
  • 16 0
 @pgomez: I think you romanticize Clif Bar a bit much man. They weren't saving the world, they were mass producing product for profit just like everybody else.
  • 62 6
 Love to see it! Cliff Bar as a service here we come! Be safe be well, Incognito Robin
  • 17 0
 Let me complete your statement. Cliff Bar as a service behind a paywall.
  • 15 1
 Unlock the other half of your Clif Bar for only $1.99! Limited time offer!

Who are we kidding, any sane human would just toss the other half and go find some real food.
  • 2 0
 Haha. It’s a whole new version of SAS. Snacks as a service.
  • 45 1
 A nice pay out for the two owners... who have an 80% stake in the company still. Perhaps they will now be able to afford a modern mountain bike.
  • 16 1
 username. checks. out. Smile
  • 24 0
 With a payout of $1.55B after taxes they might be able to afford to share a new Yeti
  • 32 0
 I guess they didn't like my offer of 2.8 billion.
  • 12 0
 helluva way to find out with a press release, huh?
  • 24 1
 Oreos, Ritz, Sour Patch Candy, and Clif Bars - mountain biking bachelor breakfast of champions, brought to you by a single sponsor.
  • 3 0
 Ritz slap.
  • 3 0
 I know they’re not made by mondelez but the lack of respect for pop tarts is noted, Jake from Outside+
  • 1 0
 Fig newtons?
  • 3 0
 They should sponsor Matthew Fairbrother
  • 21 0
 I remember walking in a bike shop in the early 90's, and the owner hands me a clif bar. Double Chocolate it was called. All that existed were those hard and nasty original PowerBars. I ate one and immediately ordered a case. The absolute best bar ever. Why they quit making that exact bar I'll never know. They had one or two flavors. I ate hundreds of those. But none of their many current flavors do much for me, I eat them a few times a month, but that's it. Great American success story right there. Original PowerBars were gross to me. Hard, looked like dried paint in a bar shape. Clif makes a bar out of real looking stuff, tasted great, plays their cards right, sells out 30 years later and walk away a gazillionaire. Job well done.
  • 17 0
 do they still make those terrible original PowerBars...not the new stuff, the early-mid-90's receipt? I remember them having the consistency of Laffy Taffy and tasting like a wood chip...just awful.
  • 3 1
 @SATN-XC: Man those were bad. Laffy Taffy, that's exactly it. Hard,flat, gold wrappers. I haven't seen those in a decade. PowerBar really fell off the map. About 7-8 years ago they had a Harvest line of bars, which were much like Clif, very natural looking, great chocolate option, it was the closest to the original Clif bars as I had found. I ate those for years. I remember getting PowerBar t-shirts and decals at local races too. Then they dropped them, and now my supermarket wall of energy bars has no powerbars that I know of. It's almost all Clif and Kind, and Kashi, and a bunch of weird ones that cost $2.50 each.

So Clif has been the main player now for a long time. Kind of surprised they aren't already owned by someone huge. They lasted quite a bit longer than most.
  • 16 0
 @SATN-XC: Ah man. I remember trying to eat those OG powerbars on a ski lift after they sat in an an outside pocket of my snow shell. It required the jaws of a Hyena to get them down.
  • 3 0
 @Dustfarter: ha! yes, that's something I've haven't thought about in over 20 years. They turned rock hard in the cold...I recall sitting on a lift sucking on one trying to thaw it enough to take a bite. So much effort and disappointment
  • 1 0
 PowerBars were my "go to" as well. I somehow felt healthy just putting up with them and convinced myself they tasted good.
Just looked them up - there's a wikipedia page on them and they have a website to purchase. They look different and I haven't seen them on shelves in forever.
www.powerbar.com
  • 7 0
 @SATN-XC: Turning rock hard in the cold was a good thing for tele skiers back in the day. The shop I worked at, they always broke their equipment and came in asking for free stuff to "get them by" for the day. A few of the guys were smart and had taken their "lunch" (aka, OG PowerBar) and somehow fixed it as their heel plate (after they broke theirs on the hill) to get them down to our shop.
  • 1 2
 Powerbars... more *power* to you if you could actually finish one. #FnGross
  • 2 0
 I recall a friend opening a Powerbar back in the day and it had worms in it... Turns out, it wasn't even that uncommon, they blamed it on some type of moth, I don't really recall.
  • 3 0
 @SATN-XC: ha! I remember wondering if the calories required to chew and digest them actually exceeded the calories in them

The banana flavored ones were weirdly good though
  • 1 0
 @Dustfarter: Trying to eat those in a bike race led me to cutting them into bit size morsels pre-race and sticking the whole mess in a back pocket. Well, by middle of the race, they'd gotten warm and stuck together in a morass of disgusting glue. There just was no good way to eat a Powerbar in a bike race.
I too haven't had or seen one in years.
  • 16 0
 I was hoping for an ebike specific bar announcement.
  • 8 0
 Cliff Bar! The predigested bar so you don't have to! - Proud sponsor of electronic motor bikes, the bikes that bike for you!
  • 4 0
 @DroppingThreeTwoOne: Now in easy to use enema pouches. Don't waste time chewing!
  • 15 0
 I needed to stop eating so many clif bars anyway.
  • 11 0
 Great payout for the owners etc but being bought by big evil Mondelez will only mean it will go downhill. Worse portion sizes, cheaper ingredients just like they f'd Cadbury's. I guess they need to take the "Family owned..." stickers off their vans now.

"...the right partner at the right time..." Lols, some big corporate stooge turning up with a suitcase overflowing with money is never really going to turn up at the wrong time.
  • 5 0
 Agree, Cadburys quality is a lot poorer after it was taken over.
  • 5 0
 @PG-23: and it wasn't great in the first place. At least, I prefer chocolate that has more cocoa than vegetable oil in.
  • 3 0
 @trellis-opportunity-red: right? Stuff is disgusting.
  • 2 0
 @trellis-opportunity-red: it's probably half full of Palm oil now.

It was never great but damn o could eat Creme Eggs until I keel over with heart failure
  • 10 0
 I remember when Mondelez bought out Opavia - a traditional biscuits manufacturer in Czech. Since then the quality of the product went to shit rapidly. Shrinkflation, replacing cheap ingredients, moving the production to cheaper locations etc.. Congrats on the cash out tho!
  • 11 0
 Oh no!

Anyway…
  • 9 0
 sorry but cliff bars are disgusting sugar bricks
  • 9 1
 Thank you for apologising.
  • 5 0
 I wonder if this acquisition will go down the same same way the Nestle acquisition of Powerbar did in 2000. Remember how much market share Powerbar had "back in the day". Can you even buy a Powerbar anymore? I know there were some taste and texture issues but they should have been able to innovate and change. Often those giant conglomerates are slow and risk adverse which allows more nimble competitors to build market share as tastes change.
  • 2 0
 If the number of "Strava Challenges" from energy bar and drink manufacturers is anything to go by then there is a continuous flow of new entrants into the market to snap up market share if the same happens.
  • 1 0
 Haven't seen a PowerBar on the shelf in years, but they have a site to purchase. Look different these days. Maybe they taste better now?
www.powerbar.com
  • 6 1
 Damn, never buying Cliff bars again.
f*ck Nestle, f*ck big corp.

Goodbye Clif, i enjoyed it as long as it lasted.

Go buy from smaller national or even Local brands.

Your Purchase is your Vote for Nestlé and all that comes with it.
  • 2 0
 I'm with you in sentiment 100%, but you know Mondolez bought Clif and they're an entirely different company to Nestle, right?
  • 4 0
 “As a leader and innovator in well-being and sustainable snacking in the U.S, Clif Bar & Company embodies our purpose to 'empower people to snack right,' and we look forward to advancing this important work”

In today’s troubling world, these are the heroes we need. Fighting the good fight, one expensive candy bar at a time. We salute you, Cadbury Bunny of justice.
  • 7 1
 I think they taste good but I never bought any, just too pricey. A good Banana does the job as well haha
  • 4 0
 Totally, I started with fig newtons then Powerbars then Clif bars and back to real food, peanut butter and banana sandwiches.
  • 4 0
 PB&J will get you where you need to go!
  • 1 0
 @jwestenhoff I still enjoy sticking shot blocks to my top tube though. They get a little dusty but I don’t think a pbj would fair better
  • 1 0
 @kingbike2: just peanuts isnt too bad either. Throw in a handful of Costco turkey jerky. Good to go.
  • 2 0
 @Lemmyschild: peanuts and turkey jerky mix sounds like pemmican. Eating dry peanuts while riding is a choking hazard and turkey jerky would be like chewing tobacco.
  • 1 1
 @kingbike2: you don't eat them while riding....or at least I don't. Turkey jerky isn't like that unless its stale. As long as I'm out enjoying whizzing past trees at upwards of death speed, fear of chocking is negligible.
  • 3 0
 If my math is right, each employee owner on average stands to earn ~ $300k cash pre-tax with the sale as well.

"The deal, which is expected to close in the third quarter of this year, means Erickson, aged 64, and his wife Kit Crawford, 63–who together own 80% of the company, (Clif Bar’s roughly 1,200 employees own the rest)–will walk away with approximately $1.53 billion in cash, according to Forbes’ estimations"

www.forbes.com/sites/jemimamcevoy/2022/06/22/california-couple-likely-to-pocket-16-billion-from-sale-of-their-energy-brand-clif-bar/?sh=31d31ac17146
  • 3 0
 Definitely talked with a recruiter there once before...really should've went to work there.
  • 5 0
 Sad that post-tax that barely covers two years of college...woomph.
  • 6 0
 So can we finally have those nut butter filled in Europe please?
  • 5 0
 The almond coconut is mid fr
  • 4 0
 @jensonusa: I´m onto the hazelnut more. Anyway the best bar
  • 2 0
 Those are my go-to pre-ride snack, I even have one sitting in the car right now for a post-work ride. They're basically candy bars and I have no misconceptions about it.
  • 2 0
 We have them? I buy them regularly in Germany. Check Bike24.
  • 1 0
 @zimtsticker: I think those are only the standard, not the filled ones. I had a talk with some Cliffbar representative some time ago and he told me they simply doesn´t export these to EU
  • 2 0
 @bok-CZ: That is not true. See them in several stores and online shops in Germany. Forget Clif bars, Chimpanzee's are way better anyway Wink
  • 1 0
 @kay711: True, I am more onto the chews from them, that´s something I keep stashed for a need. Also made here and not thousands kms away.
  • 2 1
 Like almost all multi billion dollar acquisitions expect mass lay offs, smaller product sizes, moving production to lower labour cost countries, cheaper ingredients used to manufacture the products(ie higher sugar content, no more organic options), etc.
  • 5 0
 Clif Bar is like a red bull i've never seen anyone pay for and consume one
  • 5 1
 Sounds like you're living under a rock and need to get out more.
  • 3 0
 The real power bar is a sandwich with peanut butter (with jelly, nutella, honey, banana, or cucumber if you're adventurous). Cheaper too.
  • 4 0
 Dirk Van de Put is a hell of a name tho.
  • 3 0
 So is Salty Grimes.
  • 4 0
 Cadbury isn't as good as it was in the old Quaker days.
  • 4 0
 I'm in for Oreo flavored Clif bars...
  • 1 0
 Double Stuffed cliff bars might extend my rides.
  • 3 0
 I hope Reeder and Brown had .001% of that company
  • 3 0
 They cut so many athletes over the last couple of years. Got rid of the Clif Pro/Luna team, for example. Probably to make the company numbers look better for potential buyers.
  • 4 1
 Hopefully this company can make them taste decent
  • 2 0
 I thought Cadbury was owned by Monsanto? Does this mean Clif Bar is now owned by Monsanto too? If so more food to avoid...
  • 7 0
 Mondelez isn’t Monsanto. It’s a 2012 spinoff from Kraft Foods. They are one of the American corporations still doing substantive business in Russia, and they have that child slavery problem. So yeah, still pretty awful.

I will not be buying any more Clif Bloks but that doesn’t mean much LOL
  • 1 0
 Haven't looked into Clif Bar, but Mondelez won a lawsuit for Quick Lunsj to keep it's shape against Nestlé. So that's a positive in my book...
  • 8 7
 Cliff bar was Canadian. Now its owned by a giant junk food corporation. Sad.
  • 3 0
 99.99% of people will sell out for the right price. hell I'd bet I could get everyone on here to declare gravity is a hoax for $100k cash.
  • 16 0
 What? Clif Bar is from the Bay Area and a lot of it is produced in Twin Falls, Idaho.
  • 11 0
 @Caligula1620: gravity is a hoax.
Now where is my $100k?
  • 1 0
 @Caligula1620: There is a lot of bike rider's that defy gravity, I would happy if I could do the same?
For free!
  • 2 1
 @Caligula1620: The flat-earthers do it for free…..
  • 1 0
 Same guys that started Tim Hortons, I expect to the Biebs in Clif commercials soon.
  • 1 0
 @HB208: my bad . Based out of USA .
  • 1 1
 This is like the worst article on this so far LOL. There’s a great story here. Go read about the owners. They are absolutely amazing people with hearts of gold!
  • 20 0
 since today also people with carts full of gold
  • 3 0
 @Ruggd: not to mention they still have a wine brand and millions of dollars of real estate in Napa Valley.
  • 1 0
 Just made me think of that scene from Family Guy.. "I had a Cliff bar before this.."
  • 2 0
 No more Clif bar for me…
  • 2 0
 Great...bring back the Cookies-and-Cream flavor.
  • 2 1
 Hopefully see some crossover between these snack brands in the future.
  • 3 0
 Can we get one giant Clif bar sized Sour Patch kid?
  • 1 0
 @lncorgnito: I think Sour Patch kid sized Cif bars would be nice.
  • 1 0
 I wonder what 2.9 billion $ worth of cliff bars looks like
  • 2 0
 both of them?
  • 1 0
 Toblerone × CLIF is finally going to happen!
  • 1 0
 2.9 billion that's nuts!
  • 1 0
 Fallen off a clif
  • 1 2
 Dang. I hope clif bar lens it's a lesson
  • 1 2
 Sellouts. There are so many better bars out there.
  • 1 0
 Lulz, nice... Perhaps you would see it differently if you actually knew something about the founders and the company they created beyond what is said in the article. Oh, right, that would take more effort than just typing out a quick shyt opinion that says a whole lot more about you, than anything else. Nevermind.





Copyright © 2000 - 2022. Pinkbike.com. All rights reserved.
dv56 0.015013
Mobile Version of Website