"Grenade's great-tasting, on-trend products are a great platform for Mondelēz International in the UK market and beyond," said Dirk Van de Put, chairman and CEO, Mondelēz International. "This is another exciting opportunity to deliver on our strategy to be a global leader in broader snacking, including in the important area of well-being."

Grenade was founded by Alan and Juliet Barratt in 2010 with the mission to become the No. 1 brand in sports nutrition products. With strong historic performance, solid growth and share gains, Grenade has a strong eCommerce presence with approximately 25 percent of its sales from online channels.

Over the years, Grenade has broadened its consumer base and launched new products including high-protein, low-sugar bars and has innovated into new adjacencies including shakes, spreads and cookies.

"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," said Alan Barratt, co-founder and CEO of Grenade.

Mondelēz International plans to operate Grenade separately to nurture its entrepreneurial spirit and maintain the authenticity of the brand, while providing resources, support and international scale to help accelerate growth. 

The current senior leadership, including Alan Barratt, will continue to run the business from its headquarters in the UK and will retain a minority equity interest in the company. 

The deal is expected to close by the end of March. Terms of the transaction were not disclosed.