The Riverside Company has sold its portfolio company Tate's Bake Shop, Inc. to Mondelēz International, Inc.

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. A nationally acclaimed brand of deeply delicious baked goods with a specialty bake shop in Southampton, New York, Tate’s Bake Shop is committed to creating classic American baked goods with simple, premium ingredients. Founded by Kathleen King, who began selling small batches of her crisp, buttery, chocolate chip cookies at her family’s farmstead at just 11 years old, she still perfects every recipe herself. Tate’s Bake Shop is the home of America’s top-rated chocolate chip cookie, available at grocery stores, gourmet shops and natural food stores nationwide.

Mondelēz International is building the best snacking company in the world, with 2017 net revenues of approximately US$26 billion. With presence in 160 countries, the company is a world leader in biscuits, chocolate, gum, candy and powdered beverages, featuring global power brands such as Oreo and belVita biscuits, Cadbury Dairy Milk and Milka chocolate, and Trident gum. Mondelēz International will operate Tate’s as a separate, standalone business to nurture its entrepreneurial spirit and maintain the authenticity of the brand while providing resources to accelerate growth.

The Riverside Company is a global private equity firm focused on making control and non-control investments in growing businesses valued at up to US$400 million. Since its founding in 1988, Riverside has invested in more than 520 transactions. The firm's international portfolio includes more than 80 companies.

One of Oaklins' teams in the USA served as financial advisor to Tate’s Bake Shop. The team had previously advised Tate’s Bake Shop and founder Kathleen King on its 2014 recapitalization with The Riverside Company.