Hershey boosts better-for-you candy portfolio with Lily’s acquisition

BOULDER — Lily’s Sweets LLC, a Boulder maker of low-sugar confections, has entered into an agreement to be acquired by The Hershey Co. (NYSE: HSY).

“Hershey is focused on developing a [better-for-you or BFY] confection portfolio that offers a variety of choices to meet the evolving needs of our consumers,” Hershey’s United States president Chuck Raup said in a prepared statement. “Lily’s is a great strategic complement to our existing offerings in this growing segment of the confection category.”

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

SPONSORED CONTENT

Empowering communities

Rocky Mountain Health Plans (RMHP), part of the UnitedHealthcare family, has pledged its commitment to uplift these communities through substantial investments in organizations addressing the distinct needs of our communities.

The deal, which will be financed with cash and short-term borrowing, is expected to close in the next few months. Financial terms were not disclosed, but Hershey did say in a U.S. Securities and Exchange Commission disclosure that the addition of Lily’s is expected to be slightly accretive to earnings after the first post-acquisition year. 

“By joining the Hershey’s family of brands, Lily’s will become a platform confection brand making BFY options easily accessible to all consumers,” Lily’s CEO Jane Miller said in a prepared statement.

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