Clif Bar, the energy and nutrition bar manufacturer and marketer, has been given a significant cash boost with the investment of $29 million in the company by the Allied Capital investment capital group.
"Clif Bar is an attractive investment opportunity for Allied Capital because it is a leader in its niche industry," said William L. Walton, Allied Capital's chairman and CEO. "Clif Bar has established a strong distribution network in specialty, natural food and grocery stores and has a national reputation for quality and integrity." Allied said that it hoped to reduce its investment in the company to $24 million within the next few weeks by sharing the debt with another investor.
As well as the eponymous energy bar, Clif Bar produces Clif Bar Ice (energy bar with chocolate icing and caffeine), Luna (a whole nutrition bar tailored for women), Clif Shot (natural energy gel for endurance activities) and the new Mojo Bar, a natural snackbar.
Clif Bar did not say what the investment capital would be used for, but is likely to help the company expand its business further over the coming years.