Mondelēz International has signed an agreement to acquire a significant stake in one of China’s leading cakes and pastries manufacturers, Evirth, subject to the usual closing conditions and regulatory approval.
Mondelēz reiterates that the acquisition is part of its strategy to accelerate growth in the cakes and pastries category, which is a core focus alongside chocolate and biscuits.
Evirth was founded in 2013 and is a leader in frozen-to-chilled cakes and pastries in China, a category that is worth US $3 billion and growing at a compound annual growth rate of around 15 percent.
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, Mondelēz Chair and CEO.
With this new acquisition, Evirth can develop, manufacture, and supply frozen-to-chilled cakes and pastries from some iconic brands such as Oreo and Philadelphia.
Evirth distribution is also driven by club stores across China, as well as its R&D and technical expertise.
We are excited that Mondelēz International is increasing its investment in Evirth, and this is a historic moment for us, By bringing in Mondelēz’s brand experience, technical strength, and international network, Evirth can be better positioned to provide premium products for our customers and consumers.
said Linfeng Xu, Chairman, founder and general manager of Evirth.
Mondelēz has experienced strong growth in cakes, pastries, and other baking snacks, largely due to its acquisition of Give & Go in April 2020 and Chipita Global SA in January 2022.
Give & Go is a prominent manufacturer of frozen-to-fresh brownies, cookies, cupcakes, and related bakery products in North America. Chipita Global SA is a rapidly growing leader in croissants, baked rolls, and related snacks, primarily focused in Central and Eastern Europe with increasing expansion into additional markets.
source: Mondelēz International
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