Mondelez International Inc has agreed to exit a majority stake in its SnackWell's cookie and cracker business. The controlling stake will be sold to American private equity firm Brynwood Partners, according to The Wall Street Journal (WSJ).

Brynwood said it will merge SnackWell's with its Back to Nature cookies and granola brand. The firm acquired a controlling interest in Back to Nature last year through a similar deal with Mondelez, the spin-out snack business of Kraft Foods Inc, the report detailed.

Under the terms of the transaction, Mondelez will retain a significant minority interest in SnackWell's. This arrangement would give Mondelez a chance to gain profit from the revitalization of the snack brand. Financial terms of the deal were not disclosed, the report said.

SnackWell's was launched in 1992 by Nabisco Inc to cater to women who wanted to lose weight without skipping snacks. The brand helped popularize a low-fat-food craze at the time, the report stated.

Trian Fund Management LP, a hedge fund owned by activist investor Nelson Peltz, holds a large stake in Mondelez. The latter has been under pressure from Peltz to cut costs, WSJ reported.