Mondelez International acquires Tate’s Bake Shop
Mondelez International announced in an agreement with Riverside — a global private equity firm — that it would be acquiring Tate’s Bake Shop for $500 million.
Founded in Long Island, N.Y., Tate’s sales have quadrupled over the past five years and in 2018 its retail sales in measured channels grew by more than 40% through March, the company said.
“Tate’s is a great strategic fit that will complement our portfolio of beloved snacks brands,” Dirk Van de Put, chairman and chief executive officer, said. “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 Tate‘s management team to expand distribution and build upon that success.”
The Deerfield, Ill.-based company will operate Tate’s as a separate standalone business, and its senior leadership team will continue running the business in N.Y., including the Bake Shop.
“We’re thrilled and humbled to be joining a portfolio of some of the world’s most well-known and successful snacking brands,” Maura Mottolese, the chief executive officer of Tate’s Bake Shop, said. “Consistent with Mondelēz International’s purpose to create more moments of joy for consumers, providing an authentic, delicious indulgence has been at the heart of Tate’s Bake Shop since Kathleen first opened her storefront nearly two decades ago. Now, 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.”
Founded in Long Island, N.Y., Tate’s sales have quadrupled over the past five years and in 2018 its retail sales in measured channels grew by more than 40% through March, the company said.
“Tate’s is a great strategic fit that will complement our portfolio of beloved snacks brands,” Dirk Van de Put, chairman and chief executive officer, said. “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 Tate‘s management team to expand distribution and build upon that success.”
The Deerfield, Ill.-based company will operate Tate’s as a separate standalone business, and its senior leadership team will continue running the business in N.Y., including the Bake Shop.
“We’re thrilled and humbled to be joining a portfolio of some of the world’s most well-known and successful snacking brands,” Maura Mottolese, the chief executive officer of Tate’s Bake Shop, said. “Consistent with Mondelēz International’s purpose to create more moments of joy for consumers, providing an authentic, delicious indulgence has been at the heart of Tate’s Bake Shop since Kathleen first opened her storefront nearly two decades ago. Now, 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.”