Mondelēz International, the makers of Oreo and Philadelphia, is to acquire a significant majority stake in Evirth, a leading manufacturer of cakes and pastries in China.
The move is part of Mondelēz’s strategy to accelerate growth in the cakes and pastries category – a core focus for the company, alongside chocolate and biscuits.
Founded in 2013, Evirth is a leader in frozen-to-chilled cakes and pastries in China, a category currently estimated at US $3 billion, (€2.69 billion), with annual growth rate of about 15%.
Accelerate Growth
Mondelēz already has a minority investment in Evirth to develop, manufacture and supply frozen-to-chilled cakes and pastries in China featuring some of its better known brands, including Oreo and Philadelphia.
“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.
Evirth's chairman and founder, Linfeng Xu, described the investment as 'historic'.
Premium Products
“We are excited that Mondelēz International is increasing its investment in Evirth, and this is a historic moment for us,” said Linfeng Xu, Chairman, founder and general manager of Evirth. “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.”
With 2023 net revenues of approximately $36 billion (€32.3 billion), Mondelēz International also produces Ritz, LU, Clif Bar and Tate's Bake Shop biscuits and baked snacks, as well as Cadbury Dairy Milk, Milka and Toblerone chocolate.
Evirth is a large-scale enterprise dedicated to the research, development, production, and sale of frozen cakes and pastry products. Evirth provides mille crepe cakes, Swiss cake rolls, mousse cakes, cheesecakes, puffs, daifuku, snowy mooncakes, cookies, and related products for membership clubs, retail chains, catering chains, new media retailers and other channels who serve great food.
