Cadbury owner Mondelez has agreed a deal to buy protein bar maker Grenade.
The move to buy a “significant majority interest” in the Solihull-based business from private equity firm Lion Capital is Mondelez’s first UK acquisition since purchasing Cadbury in 2010.
The global snacking group did not disclose the terms of the transaction but it is understood that it valued Grenade at around £200 million.
Mondelez, which was spun out of consumer giant Kraft, said it will operate Grenade separately to its other operations and will retain its current leadership team.
Dirk Van de Put, chairman and chief executive officer of Mondelez International, which also owns the Oreo and Toblerone brands, recently said the business would target growth in health snacks as consumers seek more nutritious options.
Grenade was founded by Alan and Juliet Barratt in 2010 with a mission to become the country’s biggest sports nutrition brand.
The pair will retain a minority stake as part of the move, which is expected to complete later this month.
Mr Barratt said: “When Jules and I founded Grenade from our spare bedroom with a budget of 700 dollars (£500), we dreamt of building an iconic brand available globally.
“This partnership with Mondelez 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.”
Mr Van de Put said: “Grenade’s great-tasting, on-trend products are a great platform for Mondelez 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 wellbeing.”