Why Mondelez Is Buying Tate's Bake Shop for $500 Million (2024)

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Why Mondelez Is Buying Tate's Bake Shop for $500 Million? ›

“Tate's is a great strategic fit that will complement our portfolio of beloved snacks brands,” said Dirk Van de Put, Chairman and Chief Executive Officer. “With a unique and authentic brand and truly delicious products, this acquisition gives us an attractive entry point into the fast growing premium cookie segment.

KANSAS CITY — Since Mondelez International, Inc. acquired Tate's Bake Shop for $528 million in 2018, each company has benefited from the other's dominant traits.

SOUTHAMPTON, N.Y. (CBSNewYork) - Tate's, the once humble bake shop in the Hamptons, is being sold for $500 million to Mondelez International Inc., the snack food giant that makes Oreos cookies and Ritz crackers.

You're finding me and my CEO wrapped up in one person. At just 23 years old.” King founded and sold her cookie brand, Tate's Bake Shop, to Mondelez for $500 million in 2018.

The Riverside Company has sold Tate's Bake Shop, Inc. to global snacks company Mondelēz International, Inc. (NASDAQ:MDLZ) for US$530 million. Tate's is a fast-growing, premium cookie and baked goods brand renowned nationwide for its signature thin, crispy cookies and simple, authentic, high-quality ingredients.

Tate's Bake Shop Acquired by Mondelēz International.

The company has its origins as Kraft Foods Inc., which was founded in Chicago in 1923. The present enterprise was established in 2012 when Kraft Foods was renamed Mondelez and retained its snack food business, while its grocery business was spun off to a new company called Kraft Foods Group.

The sugar rush didn't last long. Thursday, Hershey's board of directors unanimously declined Mondelez's $107 per share cash and stock takeover bid, valued at about $23 billion. But before Hershey's announcement rejecting the deal, the company's stock soared 21% to a record high, closing up 16.8% on the day.

As Chair & CEO at MONDELEZ INTERNATIONAL INC, Dirk Van de Put made $21,018,175 in total compensation. Of this total $1,550,000 was received as a salary, $4,417,500 was received as a bonus, $3,501,056 was received in stock options, $10,625,963 was awarded as stock and $923,656 came from other types of compensation.

Tate's Bakeshop CEO, Esi Seng sat down with Portland Press Herald CEO Lisa DeSisto for a conversation at The Roux Institute at Northeastern University on Wednesday, March 6.

How is Tate a billionaire? ›

Andrew Tate made his money from a variety of sources, including: His professional kickboxing career, during which he won multiple world championships. His various businesses, such as his online courses, casinos, and webcam business. His social media presence, where he has millions of followers.

Named after her father, Tate's Bake Shop is the result of Kathleen's love of baking and keen eye for quality. Tate's Bake Shop in Southampton, NY has been Voted the Best Bakery in the Hamptons year over year, and is a destination for locals and tourists alike.

DEERFIELD, Ill. , June 07, 2018 (GLOBE NEWSWIRE) -- Mondelēz International today announced it has completed its previously announced acquisition of Tate's Bake Shop, a fast-growing, premium cookie and baked goods brand known for its authentic, high-quality ingredients.

The 2023 report by DIICOT shone a light on Andrew Tate's real net worth and dispelled bombastic estimates about his wealth that were circulating the internet in the past. Tate previously stated that he had a net worth of $100 million by age 31 and even jokingly referred to himself as the world's first trillionaire.

Kathleen King, founder of Tate's Bake Shop, recently passed her legacy into new hands when the company sold to Mondolēz International for $500 million. King didn't reach this level of success without a few setbacks, which taught her two important lessons about being an entrepreneur.

Mondelez took a minority stake in New York-based Hu Products through its SnackFutures venture arm in 2019. The investment granted the company a right of first offer to acquire Hu. Following a competitive bid, Mondelez finalized its acquisition of 100% ownership of the brand on Jan. 4.

Tate's Bake Shop | Mondelēz International, Inc.

We are Mondelēz International, a global snacking powerhouse committed to leading the future of snacking by bringing you iconic global and local brands such as Oreo, Chips Ahoy!, belVita, Ritz, Triscuit, Wheat Thins, Honey-Maid, Milka, Green & Black's, Swedish Fish, Sour Patch Kids, Halls and much more!

Nabisco (/nəˈbɪskoʊ/, abbreviated from the earlier name National Biscuit Company) is an American manufacturer of cookies and snacks headquartered in East Hanover, New Jersey. The company is a subsidiary of Illinois-based Mondelēz International. Chips Ahoy!