Refrigerated Protein Bar Company Perfect Snacks Acquired by a Multibillion-Dollar Food Giant
Fourteen years ago, two of the 13 Keith siblings, Bill and Leigh (then 22 and 19) adapted their father's recipe for a refrigerated protein bar and created Perfect Snacks, a business that generated approximately $70 million in net revenue last year.
Now, the company that popularized refrigerated protein bars has been acquired by food giant Mondelēz International, owners of the Oreo, Cadbury, Milka, belVita and Tate’s brands. Financial terms were not disclosed. The company said its net revenues in 2018 were approximately $26 billion.
“We believe Mondelēz International’s purpose, to ‘empower people to snack right,’ aligns very well with why we started this brand and this business," said Bill Keith, co-founder and CEO of Perfect Snacks, in a press release.
The press release said that refrigerated well-being snacks category generates around $7 billion in the U.S. and has been growing at around 8 percent a year over the past three years, so it's no wonder Mondelēz acquired Perfect Snacks.
“Well-being snacks in general, and refrigerated well-being snacks in particular, are a fast-growing segment," Glen Walter, executive vice President and president, North America, for Mondelēz International, said in the release, "and we look forward to working with and supporting the Keith family to help accelerate this brand’s great momentum.”
Perfect Snacks will maintain its independence under the deal, with Bill and Leigh, along with siblings Charisse, staying in their positions and retain a minority equity interest in the company. Mondelēz expects to expand the brand's distribution and fuel future innovation.