Mondelēz International has acquired Hu Master Holdings, the parent company of Hu Products, a US-based maker of premium snacks and chocolates.

Financial details of the deal have not been disclosed.

According to a Wall Street Journal report, the deal values the chocolate-bar maker at more than $250m.

In April 2019, Mondelēzmade a minority investment in Hu through its SnackFutures innovation and venture hub. This minority investment gave Mondelēz the right of first offer to acquire Hu.

After a competitive bid for Hu, Mondelēz International acquired 100% of the brand.

The acquisition closed on 4 January.

Set up in 2012 as a family business by Jason H Karp and siblings Jordan Brown and Jessica (Brown) Karp, Hu began as a New York-based high-end restaurant, Hu Kitchen, and focused on foods with simple ingredients.

The company expanded its vegan and paleo-friendly chocolate bars, which are made through a stringent set of Ultrasimple ingredient guardrails and sourcing practices.

Developed by the founding family, Hu’s chocolate was inspired by the paleo movement.

Hu recently widened its offerings to include premium, grain-free crackers and began their distribution to grocery stores across the country.

Mondelēz International North America EVP and president Glen Walter said: “Hu is a strong strategic complement to our snacking portfolio in 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.

“We’ve 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 brand’s next chapter of growth.”

Hu co-founder and chairman Jason H Karp said: “Jordan, Jessica and I started Hu Kitchen because there was a need to trust and understand every ingredient in our food.

“Eight years ago, we felt there was a need for delicious food that could change how you feel and complement a healthier lifestyle.

“Mondelēz 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.”

Hu co-founder Jordan Brown said: “What an incredible journey this has been, and it’s only just beginning.

“We are thrilled to join Mondelēz International’s family of iconic brands and cannot wait to further expand our ‘Get Back To Human’ concept to new audiences.”

Mondelēz International will operate Hu as a separate business.

Hu will also continue to manufacture all its products at its existing manufacturing facilities.

The company’s senior leadership will receive a contingent payment based on the future performance of the company.