The owners of Tate's Bake Shop
are in for one sweet payday. Mondelez (MDLZ), who also owns Oreo, Chips Ahoy and Ritz Crackers, is purchasing the Hamptons-based "crafted baked goods" company for $500 million.
Known for their thin-and-crispy chocolate-chip cookies and other indulgent goodies, Tate's cooks up over 1.5 million treats at its East Moriches manufacturing facility on a daily basis.
"We're thrilled and humbled to be joining a portfolio of some of the world's most well-known and successful snacking brands. Consistent with Mondelēz International's purpose to create more moments of joy for consumers, providing an authentic, delicious indulgence has been at the heart of Tate's Bake Shop since Kathleen [King] first opened her storefront nearly two decades ago," Maura Mottolese, the chief executive officer of Tate's Bake Shop, shared. "Now, together with Mondelēz International, we'll have the opportunity to take Tate's to the next level and offer our cookies and baked treats to many more consumers across North America."
King originally started selling her irresistible creations at her parents' farmstand when she was just 11-years-old. Ten years later, she opened her first bake shop where she created a comprehensive line of traditional American desserts, growing the brand into the iconic line it is today.
Tate's, which is available at stores across the United States, has quadrupled its sales over the past five years. Its Southampton Bake Shop is a favorite among visitors and locals alike.
"Tate's is a great strategic fit that will complement our portfolio of beloved snacks brands. 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," Dirk Van de Put, Chairman and Chief Executive Officer of Mondelēz International, noted. "Tate's has demonstrated exceptional and very profitable growth, and we look forward to working with the Tate's management team to expand distribution and build upon that success."
Nicole is the Editor-in-Chief of Hamptons.com where she focuses on lifestyle, nightlife, and mixology. She grew up in the Hamptons and currently resides in Water Mill. www.hamptons.com