U.S. food hulk Mondelez to buy Toronto-based association that creates two-bite brownies

February 25, 2020
Business

Food firm Mondelez International is shopping a determining seductiveness in a Toronto-based association famous for a two-bite brownies for a reported $1.2 billion.

In a news release Tuesday, Mondelez said it is shopping Toronto-based Give Go Prepared Foods Corp. from a stream owners, a Boston-based private equity organisation called Thomas H. Lee Partners.

Give Go creates a accumulation of prepackaged baked products and confectioneries underneath such code names as Kimberley’s Bakeshoppe, Create a Treat, Mason St. Bakehouse and The Worthy Crumb Pastry Co. But their best famous product is their line of supposed two-bite brownies accessible in several Canadian grocery stores.

The association had $500 million value of revenue last year. The companies didn’t divulge a cost tab for a purchase, though according to Bloomberg, citing people informed for a deal, it was for $1.2 billion US.

Give Go was founded in 1989 and grew usually until it was bought by a grant account for Ontario supervision workers, OMERS, in 2007. OMERS afterwards sole a business to Thomas H. Lee in 2016 for an undisclosed sum.

Now a business is being sole to food hulk Mondelez, that owns such brands as Philadelphia cream cheese, Chips Ahoy and Oreo cookies, Ritz crackers, Cadbury chocolates and many more.

Give Go has 7 prolongation comforts in and around Toronto, contracting roughly 1,500 people, and there are no skeleton to change a workforce or any prolongation facilities. “All Give Go products will continue to be done during their stream production locations,” a association pronounced in a release.

Give Go’s CEO Joel Flatt will stay with a association and continue to possess a minority interest in a business. “We are now really vehement to be fasten a Mondelez International family and this extraordinary portfolio of iconic break brands,” Flatt said.

The understanding is approaching to tighten in a second entertain of this year.

Article source: https://www.cbc.ca/news/business/mondelez-brownies-1.5474975?cmp=rss