Mondelēz International has announced that it has acquired Hu, a fast-growing snacking company in the US that offers high-quality snacks made from simple ingredients, for an undisclosed amount.
The company successfully acquired 100 percent ownership of Hu and the acquisition closed on January 4, 2021.
The company’s name, “Hu,” comes from the phrase, “Get Back to Human,” and their purpose-led lifestyle brand has a large fan base. Hu was founded in 2012 as a family business in New York City. The company expanded its line of vegan and paleo-friendly chocolate bars following a strict set of ingredients and sourcing practices.
“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, in a statement. “Eight years ago, we felt there was a need for delicious food that could change how you feel and complement a healthier lifestyle.”
According to Hu, they are a category leader in premium chocolate in the US and one of the fastest-growing confectionery brands in the natural product category. They recently expanded further to include premium, grain-free crackers that are distributed nationwide.
Mondelēz made an initial investment in Hu in April 2019 through SnackFutures, which is a venture hub dedicated to showcasing emerging snacking opportunities.
“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,” said Karp.
“Hu is a strong strategic complement to our snacking portfolio in North America,” said Glen Walter, EVP & president of Mondelēz International North America, in the same 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 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.”
Mondelēz will operate Hu as a separate business to maintain its authenticity and core mission of delivering high-quality chocolates and snacks using specific ingredients to keep the brand and culture intact.
Mondelēz has recently been adding more snacks to their portfolio with brands that are simpler in ingredients and can maintain a connection with consumers who are looking to prioritize a healthier lifestyle. In 2018, they acquired a cookie maker called Tate’s Bake Shop, a better-for-you company that uses brown cane sugar and butter rather than corn syrup and vegetable oil, for $500 million.