M&A  June 28, 2021

Hershey’s acquisition of Boulder candy company a done deal

BOULDER — Representatives with The Hershey Co. (NYSE: HSY) and Lily’s Sweets LLC, a Boulder maker of low-sugar confections, have signed on the dotted line, completing the Pennsylvania candy giant’s $425 million takeover.

BizWest reported in May that Hershey was eyeing Lily’s in an effort to strengthen its better-for-you (BFY) confections portfolio.

Lily’s makes Stevia-sweetened chocolate bars, peanut butter cups, baking chips and chocolate covered nuts. 

“Lily’s is a great addition to Hershey’s growing portfolio of better-for-you snacking brands, and we are excited to add this high-growth, leading BFY brand and to get to work with its talented and innovative team,” Hershey’s U.S. president Chuck Raup said in a prepared statement. “Lily’s popular low-sugar products are a great strategic fit with our multi-pronged better-for-you snacking strategy and will perfectly complement our existing iconic Hershey’s BFY offerings.”

In a U.S. Securities and Exchange commission report this year, Hershey’s disclosed that the addition of Lily’s is expected to be slightly accretive to earnings after the first post-acquisition year. 

Hershey has a history with Boulder-born snack companies, gobbling up One Brands LLC in 2019 for $397 million. 

The acquisition of One Brands, which makes One Bars, bolstered the Pennsylvania candy giant’s nutritional bars portfolio.

© 2021 BizWest Media LLC

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