Bay Area energy bar company sells for $ 2.9 billion
A bunch of Clif Bars and Clif Mojo Energy Bars produced by Clif Bar & Company are isolated on a white background.
JacobVanHouten / Getty ImagesClif Bar, the Emeryville-based company known for the tough energy bars that gather at the bottom of your backpack, will be bought by the multinational snack company Mondelez for $ 2.9 billion.
Mondelez announced its plans to buy Clif Bar on Monday, stating that the purchase price may increase depending on its financial results during 2025 and 2026. The company is based in Chicago and owns well-known snack products such as Oreo, Cadbury, Ritz, Sour Patch Kids and Toblerone.
“Mondelez International is the right partner at the right time to support Clif in our next growth chapter,” said Sally Grimes, CEO of Clif Bar & Company, in a statement.
The deal comes 22 years after Clif Bar’s owner and co-founder Gary Erickson turned down an offer from Quaker Oats to buy the company for $ 120 million. Although that agreement would have made him and his co-founder Lisa Thomas $ 60 million richer before taxes, he decided instead to buy Thomas’ share and retain ownership with his wife Kit Crawford. That was a smart move – Mondelez’s offer will send Erickson and Crawford off 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 continue to run out of Emeryville headquarters and maintain production facilities in Indianapolis and Twin Falls, Idaho. The agreement with Mondelez is expected to end later this year.
