HERSHEY, Pa. — The Hershey Co. has completed its acquisition of One Brands LLC, a maker of low-sugar, high-protein nutrition bars.
The $397 million deal will complement Hershey’s existing Oatmega business, which it acquired as part of Amplify Snack Brands Inc. in 2018. Hershey also recently announced a minority investment in Fulfil Holdings Ltd., a European leader in high-protein bars.
“One Brands is a great addition to Hershey’s growing portfolio of better-for-you snacking brands, and we are excited about getting to work with this talented team,” said Mary Beth West, Hershey’s chief growth officer. “As the nutrition bar category continues to grow, One offers a compelling brand proposition with great-tasting, unique flavors, low sugar and high protein.”
Hershey said it plans to expand the existing One Brands products by leveraging its capabilities in sales and distribution, category management and digital commerce.
“We are honored to officially be a part of the Hershey family and to expand One Brands’ reach to more consumers with great-tasting products that deliver on superior nutrition and texture,” One Brands CEO Peter Burns said. “The brand has received incredible feedback since its inception, and we are thrilled to continue this momentum under the leadership of Hershey.”
Charlotte, N.C.-based One Brands was formerly Oh Yeah Nutrition and was founded in 1999. The company is backed by Cavu Venture Partners. One bars come in flavors such as Birthday Cake, Maple Glazed Doughnut, Peanut Butter Pie and the new plant-based Banana Nut Bread and Chocolate Peanut Butter varieties.
Hershey is celebrating its 125th anniversary in 2019. The Hershey, Pa.-based 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.