DEERFIELD, ILL. — Mondelez International, Inc. has agreed to acquire a majority interest in Give & Go Prepared Foods Corp., an in-store bakery company, from Thomas H. Lee Partners, L.P. Financial terms of the transaction, which is expected to close in the second quarter of 2020, were not disclosed.

Founded in 1989, Give & Go produces fully finished, sweet baked foods for the in-store bakery section of retailers across North America. The company’s brand portfolio includes Two-Bite, Create A Treat, Mason St. Bakehouse, Kimberley’s Bakeshoppe and The Worthy Crumb Pastry Co. In 2019, Give & Go delivered net revenues of approximately $500 million.

“Our ambition is to lead the future of snacking by offering consumers a broad range of snacks in key growth channels and categories,” said Glen Walter, executive vice-president and North American president for Mondelez. “Give & Go’s leading position in the large and fast-growing in-store bakery channel gives us a unique opportunity to expand into new, on-trend consumer spaces. Similar to our recent acquisitions of Perfect Snacks and Tate’s Bake Shop, this is yet another great example of our bolt-on acquisition strategy to establish foundations in faster growing snacking adjacencies. We look forward to working with Joel Flatt (president and chief executive officer of Give & Go) and the entire Give & Go management team to build upon their strong success.”

Mondelez will operate Give & Go separately to “nurture its innovative and entrepreneurial spirit while providing access to consumer and channel insights, procurement and marketing resources to accelerate growth,” the company said. After the transaction closes, Give & Go’s senior leadership team will retain a minority interest in the company and continue to run the business from its headquarters in Toronto. Additionally, all Give & Go products will continue to be made at their current manufacturing locations.