Mondelēz International on Thursday announced it has completed its previously announced acquisition of Tate’s Bake Shop, a fast-growing, premium cookie and baked goods brand known for its authentic, high-quality ingredients.
“The Tate’s Bake Shop acquisition represents the type of bolt-on transaction that will leverage our strengths and drive growth and value for our shareholders,” said Dirk Van de Put, Chairman and Chief Executive Officer. “Tate’s on-trend products complement our existing biscuits portfolio and provide access into the fast-growing premium cookie segment. We‘re excited to begin working with the Tate’s team to expand the reach of this beloved authentic brand to more consumers around the world.”
Mondelēz International is operating Tate’s as a separate standalone business under its current management team to nurture its entrepreneurial spirit and maintain the authenticity of the brand while providing resources to accelerate growth. Tate’s will, however, benefit from the unparalleled distribution channels and sales and marketing capabilities of Mondelēz International to extend its popular treats to more consumers and build upon a strong track record of profitable growth.
Mondelēz International, Inc. (NASDAQ:MDLZ) is building the best snacking company in the world, with 2017 net revenues of approximately $26 billion. Creating more moments of joy in approximately 160 countries, Mondelēz International is a world leader in biscuits, chocolate, gum, candy and powdered beverages, featuring global Power Brands such as Oreo and belVita biscuits; Cadbury Dairy Milk and Milka chocolate; and Trident gum. Mondelēz International is a proud member of the Standard and Poor’s 500, Nasdaq 100 and Dow Jones Sustainability Index.
A nationally acclaimed brand of deeply delicious baked goods with a specialty bake shop in Southampton, N.Y., Tate’s Bake Shop is committed to creating classic American baked goods with simple, premium ingredients. Founder Kathleen King began selling small batches of her crisp, buttery, chocolate chip cookies at her family’s farmstead at just 11 years old still and perfects every recipe herself. Tate’s Bake Shop is the home of America’s top-rated chocolate chip cookie, available at grocery stores, gourmet shops and natural food stores nationwide, as well as online at www.tatesbakeshop.com.