Solihull-based Grenade, a leading performance nutrition pioneer in the fast-growing high protein bar segment, has sold a significant majority interest of the business to American snack giant Mondelēz International. According to reports, the deal values the business at £200 million.
Grenade is one of the category leaders in high-protein bars, and its Carb Killa® has been the best-selling product in the segment since 2016 with a growing presence in the UK and availability across other regions including North America and Asia Pacific.
Dirk Van de Put, Chairman & Chief Executive Officer, Mondelēz International, said: “Grenade’s great-tasting, on-trend products are a great platform for Mondelēz 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 well-being.”
Grenade was founded by Alan and Juliet Barratt in 2010 who aimed to become the number one brand in sports nutrition products. With strong historic performance, solid growth and share gains, Grenade has a strong eCommerce presence with approximately 25 percent of its sales from online channels.
Over the years, Grenade has broadened its consumer base and launched new products including high-protein, low-sugar bars and has innovated into new adjacencies including shakes, spreads and cookies.
Alan Barratt, co-founder and CEO of Grenade, said: “When Jules and I founded Grenade from our spare bedroom with a budget of $700, we dreamt of building an iconic brand available globally. This partnership with Mondelēz 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.”
Mondelēz International plans to operate Grenade separately to nurture its entrepreneurial spirit and maintain the authenticity of the brand, while providing resources, support and international scale to help accelerate growth. The current senior leadership, including Alan Barratt, will continue to run the business from its headquarters in the UK and will retain a minority equity interest in the company. The deal is expected to close by the end of March.
Founded in 2010 by husband-and-wife team Alan and Juliet Barratt, Grenade exports to more than 50 countries, and has appeared in The Sunday Times’ Fast Track Top 100 for seven consecutive years since 2014. The business currently employs 83 people and is headquartered in Solihull, West Midlands, UK.