(Reuters) – Mondelez International Inc said Tuesday it acquired Hu Master Holdings which produces healthful snacks as demand increases among working consumers from at home during the COVID-19 pandemic.
The deal follows a minority investment by Mondelez in April 2019 in Hu, which would now operate as part of the North American Ventures business model.
Mondelez did not disclose the value of the deal. The Wall Street Journal said Monday that the deal valued Hu at over $ 250 million.
The company has invested in healthy brands as consumers’ eating habits change, adding brands like Tate’s and Perfect Snacks to its portfolio.
Hu, founded in 2012, produces vegan and paleo-friendly chocolate bars made from organic cocoa and has a devoted following among consumers.
Reportage by Nivedita Balu in Bengaluru; Editing by Arun Koyyur