Bill Keith and six of his 13 siblings founded Perfect Snacks in 2005 to bring their father, Bud Keith's nutrient-dense organic and nut butter-based recipe to market.
The family hoped to use the brand to support it after Bud Keith was diagnosed with cancer.
Today, Perfect Bar sells 12 full-size bars and two mini-bars in 12,000 stores across the US and has expanded its product range to include innovations like Perfect Kids Refrigerated Snack Bars and Perfect Bites Refrigerated Protein Snacks.
In 2018, the refrigerated snack maker generated around $70m in net revenue.
The boost by Mondelēz is expected to enable Perfect Snacks to become a major player in the fast-growing refrigerated snacks segment.
According to Mintel, the US refrigerated snacks segment generates $20bn in annual sales and represents one third of the total US snacking market.
Within that space, health and wellbeing snacks represent around $7bn, growing faster than other refrigerated snacks at around 8% a year over the past three years.
Mondelēz plans to operate Perfect Snacks as a separate business to maintain its entrepreneurial spirit and the authenticity of the brand, however, it will use its scale and resources to help accelerate growth.
Perfect Snacks’ current leadership – including Bill, Leigh and Charisse Keith – will retain a ‘significant minority equity interest’ in the San Diego-headquartered business and will continue to run it.
Empower people to snack right
“We are so excited to be joining the Mondelēz International family,” said Bill Keith. “We believe Mondelēz’s purpose – to ‘empower people to snack right’ – aligns very well with why we started this brand and this business.”
Glen Walter, executive VP and president, North America, for Mondelēz International, added, “We have a mission to lead the future of snacking by offering the right product, for the right moment, made the right way.
“Perfect Snacks is an amazing brand, growing fast and a great complement to our existing portfolio that expands our leadership across broader snacking.
“Wellbeing snacks in general, and refrigerated well-being snacks in particular, are a fast-growing segment and we look forward to working with and supporting the Keith family to help accelerate this brand’s great momentum.”
The acquisition is subject to customary closing conditions and is expected to close later this summer following regulatory review. Financial terms were not disclosed.