Snacks and confectionery multinational Mondelez has announced that it is expanding its brand portfolio with the acquisition of US biscuit maker Tate’s Bake Shop.
Mondelez, which is acquiring Tate’s Bake Shop for almost $500 million from private equity firm The Riverside Company, will operate Tate’s Bake Shop as a separate standalone business. The company will continue to produce all of its products at its existing manufacturing facility, as well as retaining its senior leadership team at its base in Long Island.
Tate’s Bake Shop is a firm known for craft-baked treats, in particular its line of thin-and-crispy cookies . Founded in 2000, the firm is said to be one of the fastest growing biscuit brands in the USA over the last 12 months.
Commenting on the move, Mondelez chairman and CEO Dirk Van de Put said: “Tate’s is a great strategic fit that will complement our portfolio of beloved snacks brands. With a unique and authentic brand and truly delicious products, this acquisition gives us an attractive entry point into the fast-growing premium cookie segment. Tate’s has demonstrated exceptional and very profitable growth, and we look forward to working with the Tate‘s management team to expand distribution and build upon that success”.
Tate’s Bake Shop CEO Maura Mottolese added: “We’re thrilled and humbled to be joining a portfolio of some of the world’s most well-known and successful snacking brands. Together with Mondelēz International, we’ll have the opportunity to take Tate’s to the next level and offer our cookies and baked treats to many more consumers across North America”.
Source: Mondelez International