Mondelēz International (NASDAQ: MDLZ) reported acquisition of HU Master Holdings, parent company of Hu Products, a snack company based in the United States that offers high quality snacks from simple ingredients. Hu initially was Hu Kitchen in New York City as a high end restaurant and market focused on delicious foods with simple and real ingredients. Later, the company expanded its awarded vegan and paleo friendly chocolate bars that follow strict ingredient guardrails and sourcing practices. The company’s chocolate was inspired by the paleo movement. Hu has recently included premium grain free crackers and started to scale its distribution to grocery stores nationwide. Mondelēz International initially made a minor investment in Hu back in April 2019 through SnackFutures, its venture that is dedicated to finding emerging snack opportunities.
“Hu is a strong strategic complement to our snacking portfolio in North America,” said Glen Walter, EVP & President, Mondelēz International North America. “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 eCommerce and premium conventional retail. We’ve been very impressed with the Hu management team as a minority investor and look forward to working with Jordan Brown and Mark Ramadan and the rest of the Hu team to provide support and resources for the brand’s next chapter of growth.”
“Jordan, Jessica and I started Hu Kitchen because there was a need to trust and understand every ingredient in our food,” said Jason H. Karp, Chairman and Co-Founder of Hu. “Eight years ago, we felt there was a need for delicious food that could change how you feel and compliment a healthier lifestyle. Mondelēz 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.”
“What an incredible journey this has been, and it’s only just beginning,” said Jordan Brown, Co-Founder of Hu. “We are thrilled to join Mondelēz International’s family of iconic brands and cannot wait to further expand our ‘Get Back To Human’ concept to new audiences.”