Bay Area energy bar company sells for $2.9 billion

Bay Area energy bar company sells for $2.9 billion


A pile of Clif Bars and Clif Mojo Energy Bars made by Clif Bar & Company is isolated on a white background.

A pile of Clif Bars and Clif Mojo Energy Bars made by Clif Bar & Company is isolated on a white background.

JacobVanHouten/Getty Images

Clif Bar, the Emeryville-based company known for chewy energy bars that congregate at the bottom of your hiking backpack, will be bought by multinational snack company Mondelez for $2.9 billion.

Mondelez on Monday announced plans to acquire Clif Bar, saying the purchase price could increase depending on its financial performance in 2025 and 2026. The company is based in Chicago and owns famous snack products like Oreo, Cadbury, Ritz, Sour Patch Kids and Toblerone.

“Mondelez International is the right partner at the right time to support Clif in our next chapter of growth,” said Sally Grimes, CEO of Clif Bar & Company, in a statement.


The deal comes 22 years after Clif Bar owner and co-founder Gary Erickson turned down an offer from Quaker Oats to buy the company for $120 million. While that deal would have made him and his co-founder Lisa Thomas each $60 million richer before taxes, he instead decided to buy Thomas’s share and retain ownership alongside his wife Kit Crawford. It was a smart move – Mondelez’s offer will send Erickson and Crawford out with $1.53 billion, according to Forbes. The couple owns 80% of the company and the remaining 20% ​​is owned by its employees.

Clif Bar will still lack its headquarters in Emeryville and will maintain production facilities in Indianapolis and Twin Falls, Idaho. His deal with Mondelez is expected to close later this year.

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