Gary Erickson was offered a tantalizing sum from Quaker Oats in 2000 to sell Clif Bar & Co., his upstart energy-bar maker: $120 million. He walked away. As the company’s website put it: “CLIF I…
By Josephine Walker | Bloomberg
By rebuffing the earlier offer and taking Mondelez’s deal, Erickson and Crawford have banked a 2,400% gain from keeping the energy-bar company family and employee owned since the turn of the century. They extended 20% of their shares to workers as a retirement benefit in 2010, while retaining the remaining 80%.
Erickson has said he got inspiration for a better tasting energy bar after a 175-mile bike ride, spending six months in his mother’s kitchen to find the first recipe for his flagship Clif Bar, named after his father Clifford. Its brands have expanded to include Luna, which is aimed at women, and Clif Kid for children.
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