Mondelēz International Acquires Hu Products
Mondelēz International has announced it has acquired Hu (as in “Human”) Master Holdings, the parent company of Hu Products, a fast-growing US-based snacking company offering high-quality snacks made from simple ingredients.
Hu, which comes from the phrase “Get Back to Human,” is a purpose-led lifestyle brand with a devoted fan base. Founded in 2012 as a family business by Jason H. Karp and siblings Jordan Brown and Jessica (Brown) Karp, Hu began as Hu Kitchen in New York City, a high-end restaurant and market focused on delicious foods with simple, real ingredients. The company went on to expand its award-winning vegan and paleo-friendly chocolate bars, which follow a strict set of Ultrasimple™ ingredient guardrails and sourcing practices. Hu’s chocolate was inspired by the paleo movement and developed by the founding family.
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. Recently, Hu has broadened its offerings to include premium, grain-free crackers and begun scaling its distribution to grocery stores nationwide. Mondelēz International made an initial minority investment in Hu in April 2019 through SnackFutures, its innovation and venture hub dedicated to unlocking emerging snacking opportunities.
Joining other fast-growing premium and well-being snack brands, including Tate’s and Perfect Snacks, Hu will operate as part of the North American Ventures business model and remain focused on its core mission of delivering ultra-high-quality chocolate and snacks with strict ingredient and sourcing guardrails. As such, Mondelēz International will operate Hu as a separate business to nurture its entrepreneurial spirit and maintain the authenticity of the brand and culture, while providing resources to help accelerate Hu’s growth. Hu will continue to produce all products at current manufacturing facilities. Hu senior leadership will receive a contingent payment based on future performance of the company.
In 2019, Hu hired experienced entrepreneur Mark Ramadan, co-founder and former CEO of Sir Kensington’s, as CEO. During Ramadan’s tenure he has focused on enhancing the purpose and values of the company and set the pathway for continued sales growth.
Mondelēz International’s 2019 minority investment in Hu granted a right of first offer to acquire the company. Following a competitive bid for Hu, Mondelēz International successfully acquired 100 percent ownership of the brand. The acquisition closed on January 4, 2021. Financial terms of the deal were not disclosed.
Looking for quick answers on food safety topics?
Try Ask FSM, our new smart AI search tool.
Ask FSM →
