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Cadbury Owner Mondelez Buys Grenade
Sports Nutrition brand Grenade was founded in Februrary 2009 by Alan and Juliet Barratt. The first product they developed was a fat burner that was a friend described it as explosive, “like a grenade”. This was where the brand name Grenade was born, and that original product became known as Grenade the Thermo Detonator®. Over the years, Grenade has sold some of their company on two occassions (that we are aware of). Back in 2014, the company was valued at slightly over $58 million USD and they sold the majority stake in their company to investment firm Grovepoint Capital. Then in 2017, the company was valued at approximately $100 million USD when London-based Lion Capital acquired this majority stake in the company. Fast forward just 4 years later and Cadbury Chocolate owner Mondelēz International, will acquire a significant majority interest in Grenade. Sources say that the $82 billion dollar food giant, has struck a deal supposedly worth £200m ($277,296,200 USD) to buy Grenade from its majority shareholder, Lion Capital.
With Grenade already leaders in the fast-growing protein bar segment – with Carb Killa the best-selling protein bar in the UK since 2016 – the acquisition will allow Grenade to accelerate growth, as they enter an exciting new chapter. With strong historic performance, solid growth, and share gains, they’ve also built up a strong eCommerce presence, with approximately 24 percent of its sales from online channels.
Alan Barratt, co-founder and CEO of Grenade commented, “When Jules and I founded Grenade from our spare bedroom with a budget of $700, we dreamt of building an iconic brand available globally. 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,”
An important aspect of the deal is that Mondelēz International plans to operate Grenade separately, nurturing Grenade’s entrepreneurial spirit and allowing them to maintain the authenticity of the brand while providing resources, support, and international scale to help accelerate growth. The current senior leadership, including co-founder and CEO Alan Barratt, will continue to run the business from its headquarters in the UK and will retain a minority equity interest in the company. The deal is expected to close by the end of March.
Dirk Van de Put, Chairman & Chief Executive Officer, Mondelēz International added, “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.”
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