Packaged food company Mondelez International Inc has agreed to sell a controlling interest in its SnackWell's cookie and cracker business to private equity firm Brynwood Partners, the Wall Street Journal reported.
Financial terms of the deal were not disclosed, but Brynwood said it would combine SnackWell's with its Back to Nature cookies and granola business, according to the business daily.
Mondelez will retain a significant minority stake in the brand, under which it makes chocolate chip and devil's food cake cookies aimed at dieters, the Journal reported on Monday.
Mondelez and Brynwood could not be reached for comment outside of regular U.S. business hours. A Switzerland-based spokeswoman of U.S.-based Mondelez declined to comment.
Mondelez faced criticism in July from activist investor Nelson Peltz, who said the company did not generate as much profit as it could and should be acquired by PepsiCo Inc .
Shares of Deerfield, Illinois-based Mondelez closed at $34.91 on Friday on the Nasdaq. The stock has risen about 17 percent to Friday's close since Peltz's comments.
