Mondelēz has acquired a significant majority share in the business for an undisclosed sum. The deal is expected to close by the end of March.
Alan Barratt, co-founder and chief executive of Grenade, said: “When Jules and I founded Grenade from our spare bedroom with a budget of $700, we dreamt of building an iconic brand available globally.
‘Access to resource’
“This partnership with Mondelēz International gives us access to enormous resource and capability to help make those aspirations a reality and I couldn’t be more excited about our future growth and continued innovation,”
Grenade will continue to operate separately from Mondelēz, while it provides resources, support and international scale to help accelerate the company’s growth.
The current senior leadership, including Barratt, will continue to run the business from its headquarters in the UK and will retain a minority equity interest in the company.
Platform for Mondelēz
Commenting on the acquisition, Mondelēz chairman and chief executive Dirk Van de Put said: “Grenade’s great-tasting, on-trend products are a great platform for Mondelēz International in the UK market and beyond. 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 by Barratt and his wife Juliet in 2010, Grenade and its Carb Killa brand of protein bars have consistent been a top seller since 2016. Over the years, Grenade has launched new products including high-protein, low-sugar bars and moved into making shakes, spreads and cookies.
The manufacturer exports to more than 50 countries and announced in August last year it had set its sights on sales growth worth £5m in the United Arab Emirates over the next five years.
Meanwhile, clean label ingredients firm Ulrick & Short has been acquired by Novax, the investment company of Stockholm, Sweden-based Axel Johnson Group, for an undisclosed sum.