Mondelez International Inc.
MDLZ,
said Tuesday it has acquired healthy snack and paleo chocolate maker Hu Master Holdings, confirmed an earlier report in the Wall Street Journal. Terms of the deal were not disclosed, but Mondelez said the deal comes after a 2019 minority investment granted it a right of first offer to acquire the company. The deal closed on Monday. Food companies are increasingly focusing on healthier options in response to demand from more health-conscious consumers. Hu, which comes from the phrase “Get Back to Human,” was founded in 2012 as a family business run by Jason H. Karp and siblings Jordan Brown and Jessica (Brown) Karp. The first iteration was Hu Kitchen in New York City, a high-end restaurant with an emphasis on simple ingredients. “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,” said Glen Walter, EVP & President, Mondelēz International North America. Mondelez will continue to run the business as an independent one using all existing manufacturing facilities. Shares were slightly lower premarket, but have gained 6.8% in the last 12 months, while the S&P 500
SPX,
has gained 14%.
