January 5, 2021
Snack products manufacturer Mondelez International is expanding its portfolio of product offerings with the purchase of Hu Master Holdings, the owner of the US-based company Hu Products, the company announced Tuesday.
Operating in the natural channel, Hu Products produces premium vegan and paleo-friendly chocolate and confections and grain-free crackers with simple ingredients. In 2019, Mondelez invested in Hu through its SnackFutures innovation and venture hub.
“Hu is a strong complement to our snacking portfolio in North America,” Glen Walter, EVP and president of Mondelez International North America, said in a company release. This well-being platform provides further growth opportunities in chocolate, cross-category potential in crackers, as well as meaningful opportunities to expand distribution including in eCommerce and premium conventional retail.”
Jordan Brown and Jessica Karp founded Hu as Hu Kitchen in 2012 in New York City. The firm first developed paleo-inspired chocolate bars before expanding into other areas.
“Eight years ago, we felt there was a need for delicious food that could change how you feel and compliment a healthier lifestyle,” said Jason H. Karp, co-founder and chairman of Hu, in a statement. “Mondelez International has been our minority partner for almost two years, and we are excited to fully join their family of brands because we believe their resources, strengths, and progressive vision can help us accelerate positive change within snacking and grow the Hu platform in a bigger and broader way.”
Mondelez will operate Hu as a separate business under its North American Ventures business model. The acquisition closed on Monday. Financial details of the transaction were not included in the firm’s release.
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