HERSHEY, Pa. — The Hershey Co. has entered into a definitive agreement to acquire nutrition bar maker One Brands LLC.
The $397-million deal is expected to close in the fourth quarter of this year.
“Our consumer proposition, brand equity and team provide us with confidence, especially when combined with an industry leader like Hershey,” said Peter Burns, CEO of One Brands.
The move is expected to enable Hershey to provide a competitive offering of brands in the nutrition bar category, according to the company.
Hershey recently announced a minority investment in Fulfil Holdings Ltd., a European leader in high-protein bars. In 2018, the Hershey, Pa.-based company also acquired Amplify Snack Brands Inc. and its Oatmega business.
“One’s portfolio of great-tasting nutrition bars, with indulgent flavors such as Birthday Cake, Maple Glazed Doughnut and Peanut Butter Pie, will be a strong strategic fit within our overall innovative snacking powerhouse vision,” said Mary Beth West, Hershey’s chief growth officer. “Our beloved confection brands will continue to be the engine that drives our business while we broaden our better-for-you portfolio, offering more snacking choices for more consumers.”
Charlotte, N.C.-based One Brands was formerly Oh Yeah Nutrition and was founded in 1999. The company is backed by Cavu Venture Partners.
Hershey is celebrating its 125th anniversary in 2019. The snacks company has more than 80 brands including Hershey’s, Reese’s, Kit Kat, Jolly Rancher, Ice Breakers, SkinnyPop and Pirate’s Booty. It takes in more than $7.8 billion in annual revenues.
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