Mondelēz International has acquired Hu Master Holdings, the parent company of Hu Products, which offers high-quality snacks, such as vegan chocolate bars, made from simple ingredients.
Mondelēz made a minority investment in Hu in 2019 through its innovations arm, SnackFutures. As part of the deal, it had a right of first offer to acquire the U.S. company.
Founded in 2012 as a family business by Jason H. Karp and siblings Jordan Brown and Jessica (Brown) Karp, Hu started out as Hu Kitchen, a high-end restaurant and market in New York City that focused on foods with simple, real ingredients.
The company went on to expand its vegan and paleo-friendly chocolate bars, becoming a category leader in premium chocolate in the United States, and, according to a press release, “one of the fastest-growing confectionery brands in the natural channel.” Recently, Hu broadened its offerings to include premium, grain-free crackers.
“Hu is a strong strategic complement to our snacking portfolio in North America,” Glen Walter, EVP & president, Mondelēz International North America, said in a statement. “This well-being brand platform provides further growth opportunities in chocolate, cross-category potential in crackers, as well as meaningful opportunities to expand distribution including in e-commerce and premium conventional retail.”
Mondelēz will operate Hu as a “separate business to nurture its entrepreneurial spirit and maintain the authenticity of the brand and culture, while providing resources to help accelerate Hu’s growth.”
The acquisition closed Jan. 4. Financial terms of the deal were not disclosed. Mondelēz International operates in more than 150 countries around the world and its portfolio includes, Oreo, belVita, Cadbury Dairy Milk, Toblerone, Sour Patch Kids and Trident gum.
This article appeared at CCentral.ca.