Mondelez’s acquisition of CLIF Bar (CLIF) materially expands its healthy snacking platform and creates a scale player in an attractive nutrition category. The deal follows the recent acquisitions of Perfect Snacks and Grenade and underpins CPG’s growing appetite to expand its healthy indulgence and better-for-you portfolios – pre-empting changing consumer habits and increasing regulation at till-side. The deal multiple of 3.6x EV/Sales, a material premium to publicly listed peers, reflects the category halo, CLIF’s strong growth track record (9% ten-year CAGR), strong brand equity (heritage since 1992), dominant domestic market position in bars, premium-focus with product innovation and future revenue and cost synergies.
Davy research
Davy ResearchGreencoat Renewables - Announces second Swedish acquisition
Davy ResearchMarket comment - Asking price inflation slows to 10.9% in Q2 2022
Davy ResearchIrish economy - MyHome Property Report, Q2 2022
Davy ResearchNaked Wines plc - FY23 guidance arrives
Davy ResearchBerkeley Group - FY22 marginally ahead of forecasts; guidance reiterated
Davy ResearchITM Power - Recalibrating the near-term outlook
Davy ResearchWizz Air Holdings - Growth first and profitability should follow