Mondelez buys snack company Hu Master Holdings

Mondelez International said on Tuesday that it has bought Hu Master Holdings, the parent company of US-based snacks company Hu Products, for an undisclosed sum.

Founded in 2012 as a family business, Hu, which comes from the phrase ‘Get Back to Human’, is a "purpose-led lifestyle brand with a devoted fan base", Mondelez said.

"The brand has become a category leader in premium chocolate in the United States, and one of the fastest-growing confectionery brands in the natural channel," Mondelez said, adding that Hu has recently broadened its offerings to include premium, grain-free crackers and begun scaling its distribution to grocery stores nationwide.

Mondelez made an initial minority investment in the business in April 2019 through its SnackFutures innovation and venture hub.

Glen Walter, EVP & president of Mondelez International North America, said: "Hu is a strong strategic complement to our snacking portfolio in 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."