Mondelez to acquire Evirth, terms not disclosed

Mondelez International announced that it has signed an agreement to acquire a significant majority stake in Evirth, a manufacturer of cakes and pastries in China, subject to customary closing conditions, including regulatory approval. Founded in 2013, Evirth is a leader in frozen-to-chilled cakes and pastries in China, a category currently estimated at US $3 billion, growing at a compound annual growth rate of about 15 percent. Chinese consumers increasingly seek fresh, premium options with innovative and sophisticated taste profiles to meet a growing range of snacking occasions. Mondelez already has a minority investment in Evirth to develop, manufacture and supply frozen-to-chilled cakes and pastries in China featuring some of its iconic brands, including Oreo and Philadelphia. Evirth is growing rapidly, driven by its strong distribution in club stores across China, as well as its R&D and technical expertise. “We’re excited about the opportunity to accelerate our growth in cakes and pastries through continuous innovation, leveraging our high-value brands to create more premium tastes and formats,” said Dirk Van de Put, Mondelez Chair and CEO.