Mondelēz International has acquired Hu Master Holdings in a transaction that values the company at more than $250 million, according to the Wall Street Journal. However, the financial terms of the deal have not yet been disclosed.
The global food and beverage giant had made an initial minority investment in Hu Master Holdings, the parent company of plant-based snack brand Hu Products, in April 2019 through SnackFutures.
“Hu is a strong strategic complement to our snacking portfolio in North America,” said Glen Walter, EVP and 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,” Walter continued.
Hu will operate as part of the North American Ventures business model, focusing on its main objective: to deliver ultra-high-quality confectionery and snacks with strict ingredient and sourcing guidelines.
© FoodBev Media Ltd 2020
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