US confectionery firm Hershey has announced a definitive agreement to purchase Pirate Brands from B&g Foods for $420 million.
The transaction, said to be a “strategic acquisition to Hershey’s financial targets”, includes the Pirate’s Booty, Smart Puffs and Original Tings brands. Thus, Pirate Brands will operate within Hershey’s better-for-you snacking hub in Austin: Amplify.
Commenting on the deal, Hershey’s chief growth officer Mary Beth West said: “Pirate’s Booty is a leading cheese puffs brand loved by moms and kids as a better-for-you treat. We expect the full Pirate Brands portfolio to be a great fit for Hershey’s growing Amplify business which is targeted toward consumers who are looking for great-tasting snacks without compromise”.
In a statement, B&G Foods president and CEO Bob Cantwell added: “Pirate Brands is a terrific business and we believe that it will thrive under the ownership of The Hershey Company”.
Source: The Hershey Company