DEERFIELD, Ill. – The thin and crispy cookies from Tate’s Bake Shop will soon be sold under snacking-giant Modelez International after a $500 million acquisition deal. The deal will enable Tate’s to operate as a standalone business and will continue to be run by its current leadership team in Long Island.
Founded in 2000, Tate’s is currently owned by global equity firm The Riverside Co. and a variety of shareholders, including founder Kathleen King. In the past year, the brand has been one of the fastest growing cookie brands in the U.S. and sales have quadrupled over the past five years.
“Tate’s is a great strategic fit that will complement our portfolio of beloved snacks brands,” said Dirk Van de Put, chairman and chief executive officer of Mondelez. “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 the Tate‘s management team to expand distribution and build upon that success.”
Mondelez currently makes Chips Ahoy!, Oreos and Ritz, as well as Trident gum and belVita biscuits. The company reported $26 billion in revenue last year and has products in 160 countries. Known as the “best snacking company in the world,” Modelez is the result of a break up of Kraft Foods Inc. in 2012.