Mondelez International said it’s buying the Canadian owner of the two-bite brownies brand from the private equity firm Thomas H. Lee Partners. Mondelez is paying $1.2 billion to buy the company, according to people familiar with the matter.
Give & Go makes a variety of prepackaged baked goods and confectioneries under such brand names as Kimberley’s Bakeshoppe, Create a Treat, Mason St. Bakehouse and The Worthy Crumb Pastry Co. But their best known product is their line of so-called two-bite brownies available in various Canadian grocery stores.
The company had $500 million worth of revenue last year. The companies didn’t disclose a price tag for the purchase, but according to Bloomberg, citing people familiar for the deal, it was for $1.2 billion US.
Give & Go was founded in 1989 and grew steadily until it was bought by the pension fund for Ontario municipal workers, OMERS, in 2007. OMERS then sold the business to Thomas H. Lee in 2016 for an undisclosed sum.