Clif Bar & Company acquired by Mondelēz International
Mondelēz International acquired Clif Bar & Company, a US energy bars and nutrition brand, on Aug 1, 2022.
Transaction summary
- Target
- Clif Bar & Company
- Acquirer
- Mondelēz International
- Seller
- -
- Announced
- 2022-06-20
- Geography
- United States
- Type
- Acquisition
- Deal type
- Control
- Stake acquired
- 100%
- First added
- 2026-10-04
- Latest update
- 2026-10-21
Value and multiples
100% enterprise value
USD 2.9B
100% enterprise value | USD
Basis: Public source
Reported price is assumed to be 100% EV unless stated otherwise. Partial-stake estimates are qualified in the basis notes.
EV / revenue
3.6x
Period: Annual Sales Disclosed At June 2022 Announcement; Fiscal Year Unspecified
Basis: Derived from source data
EV / EBITDA
24.2x
EBITDA basis not stated
Basis: FundComb estimate
Amounts paid and other reported values
Original reported amounts and bases; a stake payment is distinct from the estimated whole-company valuation.
Consideration: USD 2.6B
Purchase-price consideration, net of cash received; separately, total cash payment included $0.3 billion ESOP compensation expense.
Basis
- Comparable EV uses the approximately USD 2.9bn upfront price reported at announcement, excluding contingent consideration. Accounting separates USD 2.6bn net purchase consideration and USD 0.3bn of ESOP compensation. The announcement infographic reports USD 800m sales without a fiscal period; USD 2,900m / USD 800m = 3.625x, shown at the analyst-reported approximately 3.6x. The earlier USD 361m was a partial-year acquired contribution, not full target sales. The earn-out of up to USD 2.4bn depends on 2025/2026 performance; its USD 440m acquisition-date fair value is not cash paid. No payments appear in the group 2025 or H1 2026 roll-forwards, and no final Clif settlement appears through the 30 June 2026 filing. The USD 156m June 2026 liability covers all acquisition earn-outs, not Clif alone. FundComb’s illustrative EBITDA estimate is approximately USD 120m, a 15% margin on USD 800m sales: USD 2,900m / USD 120m = approximately 24.2x, excluding the earn-out and synergies. It is an acquisition-time annual illustration, not a reported result or company guidance, and its statutory or adjusted basis is unknown. Mizuho put the EBIT margin at about 10% including deal amortization (about USD 80m EBIT); reaching USD 120m EBITDA assumes a USD 40m depreciation and amortization add-back (5% of sales) that is not independently sourced, and Mizuho did not report USD 120m EBITDA. One further year of 9% growth would give USD 872m revenue and about 3.33x forward EV/revenue; this is an illustrative FundComb scenario, not company guidance, and past growth does not establish future growth.
Other reviewed estimates
Earlier estimates and their sources.
Source summary
Mondelēz International 2022 Form 10-K, Note 2: Acquisitions and Divestitures
ConfirmedOn August 1, 2022, we acquired 100 % of the equity of Clif Bar & Company
Open sourceMondelēz International 2022 Form 10-K, Note 2: Acquisitions and Divestitures
ConfirmedThe total cash payment of $ 2.9 billion includes purchase price consideration of $ 2.6 billion, net of cash received
Open sourceMondelēz International Q2 2022 Form 10-Q
ConfirmedOn June 20, 2022, we announced an agreement to acquire Clif Bar
Open sourceMondelēz International 2022 Form 10-K, Financial Review
Confirmedthe August 1, 2022 acquisition of Clif Bar added incremental net revenues of $361 million
Open sourceMondelēz acquisition announcement — June 20, 2022
ConfirmedAnnounced upfront price of approximately USD 2.9 billion, plus additional contingent earn-out consideration.
Open sourceMondelēz acquisition infographic — Clif sales and historical growth
ConfirmedIssuer infographic accompanying the announcement reports USD 800 million sales and a historical 10-year CAGR above 9%. It does not identify a fiscal year or provide forward guidance.
Open sourceStreetInsider — Mizuho analyst on Clif acquisition economics
ConfirmedJohn Baumgartner at Mizuho uses USD 800 million sales and an approximately 3.6x revenue multiple excluding the earn-out. The roughly 10% margin estimate is EBIT including deal amortization, not EBITDA.
Open sourceMondelēz Q3 2023 Form 10-Q — Clif acquisition and earn-out
ConfirmedClif performance targets cover 2025 and 2026; maximum additional consideration is USD 2.4 billion. Acquisition-date fair value was USD 440 million and is not cash paid.
Open sourceMondelēz 2024 Form 10-K — Clif-specific liability
ConfirmedClif-specific contingent consideration fair value declined from USD 548 million at December 2023 to USD 124 million at December 2024 after updated business forecasts. A fair-value reduction is not a cash payment.
Open sourceMondelēz 2025 Form 10-K — contingent consideration payments
ConfirmedThe group contingent-consideration roll-forward reports no payments during 2025. The USD 149 million year-end liability includes Clif and other acquisition arrangements, without a Clif-only balance.
Open sourceMondelēz Q2 2026 Form 10-Q — latest earn-out disclosure reviewed
ConfirmedThrough June 30, 2026 the group liability moves from USD 149 million to USD 156 million entirely through USD 3 million fair-value changes and USD 4 million currency changes, with no payment movement. Clif retains a USD 2.4 billion contractual maximum; no final Clif settlement is disclosed.
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