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Mondelēz International has signed an agreement to acquire a majority stake in Grenade, a UK-based sports performance and active nutrition brand.

Established in 2010, Grenade offers high-protein, low-sugar products such as bars, drinks, shakes, spreads and cookies.

Headquartered in the West Midlands, Grenade has a workforce of more than 83 people, and its products are exported to over 50 countries.

Additionally, the company has a significant presence in the e-commerce segment as nearly 25% of its sales is generated from online channels.

Grenade co-founder and CEO Alan Barratt said: “When Jules and I founded Grenade from our spare bedroom with a budget of $700, we dreamt of building an iconic brand available globally.

“This partnership with Mondelēz International gives us access to enormous resource and capability to help make those aspirations a reality and I couldn’t be more excited about our future growth and continued innovation.”

Financial details of the deal have not been disclosed.

Mondelēz International intends to operate Grenade as an independent business entity to maintain the ‘authenticity’ of the brand.

Alan Barratt will continue to run the business and will retain a minority equity interest in the company.

Mondelēz International chairman and CEO Dirk Van de Put said: “Grenade’s great-tasting, on-trend products are a great platform for Mondelēz International in the UK market and beyond.

“This is another exciting opportunity to deliver on our strategy to be a global leader in broader snacking, including in the important area of wellbeing.”

Completion of the deal is expected to take place by the end of this month.