Mondelez International is nearing a deal to buy paleo chocolate-bar maker Hu Master Holdings in an agreement that values Hu at around $250 million, according to the Wall Street Journal.
Chicago-based Mondelez (Nasdaq: MDLZ) took a minority stake in New York-based Hu in 2019 and is planning to buy the remaining shares, the newspaper reported, citing unnamed people familiar with the matter.
The deal could be announced as soon as this week, the Wall Street Journal said. Sources told the Journal Hu will likely operate separately from other Mondelez divisions, similar to the company’s recent purchases of snack brands Tate’s and Perfect Snacks.
Hu makes a chocolate bar based on the paleolithic diet that is vegan and free of soy and refined sugar, as well as grain-free crackers.
The company opened its flagship restaurant in 2012 in New York City’s Greenwich Village. It was founded by Jason H. Karp and siblings Jordan Brown and Jessica (Brown) Karp, according to the company’s website.
Mondelez has been seeking to acquire brands that appeal to consumer demand for healthier snacks. In 2018 it agreed to buy cookie maker Tate’s Bake Shop, which uses brown cane sugar instead of high fructose corn syrup, for about $500 million. In 2019, Mondelez bought San Diego, California-based Perfect Snacks, which makes organic nutrition bars. Last year, the company bought Canadian snack food company Give & Go for $1.2 billion.
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