Hershey, the US confectionery, and snacks firm has entered into an agreement to acquire Lily’s, the high-growth, better-for-you (BFY) confectionery brand.
Lily’s is a manufacturer of low-sugar products such as dark and milk chocolate bars, baking chips, peanut butter cups, and other confectionery products.
According to sources, Lily’s fits Hershey’s multi-pronged better-for-you snacking strategy, being a key brand in Hershey’s portfolio and allowing Hershey to accelerate the growth of the better-for-you category.
“Hershey is focused on developing a BFY confection portfolio that offers a variety of choices to meet the evolving needs of our consumers,” said Chuck Raup, President US. “Lily’s is a great strategic complement to our existing offerings in this growing segment of the confection category.”
“By joining the Hershey’s family of brands, Lily’s will become a platform confection brand making BFY options easily accessible to all consumers,” said Jane Miller, CEO Lily’s.
The acquisition is subject to customary regulatory approvals and is expected to close in the next few months.
Source: Hershey press release