US – American multinational food group Mondelēz International has acquired Hu Master Holdings the parent company of plant-based snack brand Hu Products, in a transaction that values the company at more than $250 million.
This was first reported by the Wall Street Journal which further noted that the financial terms of the deal have not yet been disclosed.
The global food and beverage giant known for its major confectionary and snacks business had made an initial minority investment in Hu Master Holdings, 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.”
Walter further noted that his company had been very impressed with the Hu management team as a minority investor and was now looking forward to working with the team to provide support and resources for the brand’s next chapter of growth
Following the acquisition, 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.
Earlier, in November 2020, Mondelez International invested an undisclosed sum in Israeli company Torr FoodTech.
The investment made through the company’s SnackFutures programme would support the Torr in accelerating its technology which is majorly focused on production of snacks that offer a “offer a unique and much healthier bite.”
The SnackFutures program according to Mondelēz seeks to accelerate innovation through the creation of new brands and businesses, as well as through venture investments in start-ups.
The program has a goal of contributing US$100 million to Mondelēz’s revenue growth by 2022, and kicked off its investments in March with an initial stake in prebiotic food company Uplift.
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