Mondelez buys chocolate-bar maker Hu to expand healthy snack business

FILE PHOTO: The logo of Mondelez International is seen on an office building in the Glattpark district in Opfikon, Switzerland October 2, 2018. REUTERS/Arnd Wiegmann/File Photo GLOBAL BUSINESS WEEK AHEAD

(Reuters) - Mondelez International Inc said on Tuesday it had acquired Hu Master Holdings that makes healthy snacks as demand for it rises among consumers working from 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 on Monday the deal values Hu at more than $250 million.

The company has been investing in healthy brands as consumers’ eating habit shifts, adding brands like Tate’s and Perfect Snacks to its portfolio.

Hu, founded in 2012, makes vegan, paleo-friendly chocolate bars made with organic cacao and has a devoted following among consumers.

Reporting by Nivedita Balu in Bengaluru; Editing by Arun Koyyur