Hershey gobbles up One Brands

BOULDER — Nutrition bar maker One Brands LLC has inked an agreement to be acquired by The Hershey Co. (NYSE:HSY) for $397 million.

The deal helps the candy giant expand it’s “better-for-you brand portfolio,” which currently includes the Oatmega product line. Oatmega was absorbed as part of Hershey’s 2018 acquisition of Amplify Snack Brands Inc.

“Our consumer proposition, brand equity and team provide us with confidence, especially when combined with an industry leader like Hershey,” One Brands CEO Peter Burns said in a prepared statement.

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Burns was formerly the president and CEO of Boulder-based Justin’s Nut Butter LLC and led the company through the process by being acquired by Hormel Foods Corp. in 2016. Prior to joining Justin’s Nut Butter, Burns was the president of Celestial Seasonings in Boulder for Hain Celestial Group.

One Brands, which has administrative offices in Boulder and Charlotte, was founded in 1999 by Ron McAfee. The company, which was rebranded in 2017 when Burns was brought on board, was formerly called Oh Yeah! Nutrition.

“We’re proud of the brand we built and look forward to continuing to build on our momentum with the strength and capabilities that Hershey can provide,” McAfee said in a statement.

Mary Beth West, Hershey’s chief growth officer, said the addition of One Brands represents a “strong strategic fit within our overall innovative snacking powerhouse vision.”

The acquisition is not expected to have an immediate impact on One Brands’ local operations.

“Following the close of the transaction, our focus will be on partnering with One to learn their business, get to know their employees and develop a longer-term operational plan,” Hershey vice president of corporate communications Leigh Horner told BizWest. “So operations in Boulder and Charlotte will be running business as usual.”