Oreo owner completes $500M acquisition of Tate's Bake Shop
Mondelez International said it has completed its previously announced acquisition of Tate's Bake Shop. It was reported that the Oreo Cookie owner paid about $500 million for the company.
"The Tate's Bake Shop acquisition represents the type of bolt-on transaction that will leverage our strengths and drive growth and value for our shareholders," said Dirk Van de Put, Chairman and Chief Executive Officer. "Mondelez International is operating Tate's as a separate stand-alone business under its current management team to nurture its entrepreneurial spirit and maintain the authenticity of the brand while providing resources to accelerate growth. Tate's will, however, benefit from the unparalleled distribution channels and sales and marketing capabilities of Mondelez International to extend its popular treats to more consumers and build upon a strong track record of profitable growth.
A nationally acclaimed brand, Tate's is based in Southampton, New York. Founder Kathleen King began selling small batches of her crisp, buttery, chocolate chip cookies at her family's farmstead at just 11 years old still and perfects every recipe herself.
Mondelez based in Deerfield reported 2017 net revenues of approximately $26 billion.