Mondelez International Inc is nearing a deal to buy Hu Master Holdings in a transaction that values the chocolate-bar maker at more than $250 million, the Wall Street Journal has reported, citing people familiar with the matter.
The Oreo maker said in April 2019 it had made a minority investment in Hu as part of an effort to double down on its snacking portfolio, noting that Hu, founded in 2012, had gained a devoted following for its vegan and paleo-friendly chocolates. It did not disclose the size of its stake.
Mondelez told Reuters on Monday it could not provide further details.
The report said the deal could be announced this week.
As consumers work from home during the COVID-19 pandemic, demand for snacks perceived as healthy has shot up.
The spike in demand has led to several major packaged food producers buying upstart snack labels, with candy maker Mars Inc saying late last year that it would buy granola and energy bars maker Kind North America.