CHICAGO β MondelΔz International announced Tuesday that it has acquired Hu (as in βHumanβ) Master Holdings, the parent company of Hu Products, a fast-growing New York City-based snacking company offering high-quality snacks made from simple ingredients.
Hu, which comes from the phrase βGet Back to Humanβ, 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. Huβs 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. MondelΔz International made an initial minority investment in Hu in April 2019 through SnackFutures, its innovation and venture hub dedicated to unlocking emerging snacking opportunities.
βHu is a strong strategic complement to our snacking portfolio in North America,β said Glen Walter, EVP & President, MondelΔz International North America. βThis 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. Weβve 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 brandβs next chapter of growth.β
βJordan, Jessica and I started Hu Kitchen because there was a need to trust and understand every ingredient in our food,β said Jason H. Karp, Chairman and Co-Founder of Hu. βEight years ago, we felt there was a need for delicious food that could change how you feel and compliment a healthier lifestyle. MondelΔz 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.β
βWhat an incredible journey this has been, and itβs only just beginning,β said Jordan Brown, Co-Founder of Hu. βWe are thrilled to join MondelΔz Internationalβs family of iconic brands and cannot wait to further expand our βGet Back To Humanβ concept to new audiences.β
Joining other fast-growing premium and well-being snack brands, including Tateβs 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, MondelΔz 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 Huβs 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 Kensingtonβs, as CEO. During Ramadanβs tenure he has focused on enhancing the purpose and values of the company and set the pathway for continued sales growth.
MondelΔz Internationalβs 2019 minority investment in Hu granted a right of first offer to acquire the company. Following a competitive bid for Hu, MondelΔz International successfully acquired 100 percent ownership of the brand. The acquisition closed on January 4, 2021. Financial terms of the deal were not disclosed.
