The Hershey Company has entered into a definitive agreement to acquire ONE Brands, LLC, the maker of a line of low-sugar, high-protein nutrition bars. The $397 million purchase is expected to close in the fourth quarter.
“ONE’s portfolio of great tasting nutrition bars, with indulgent flavors such as Birthday Cake, Maple Glazed Doughnut and Peanut Butter Pie, will be a strong strategic fit within our overall innovative snacking powerhouse vision,” said Mary Beth West, Hershey’s Chief Growth Officer. “Our beloved confection brands will continue to be the engine that drives our business while we broaden our better-for-you portfolio, offering more snacking choices for more consumers.”
The acquisition is expected to enable Hershey to provide a competitive offering of brands in the nutrition bar category. ONE Brands will complement the company’s existing Oatmega business, which was acquired as part of the 2018 acquisition of Amplify Snack Brands, Inc., and its recent investment in FULFIL Holdings limited, a European leader in vitamin-fortified, high-protein bars. Hershey intends to expand the existing ONE Brands offerings by leveraging its core capabilities in sales and distribution, category management and digital commerce.
The Hershey Company, celebrating its 125th anniversary in 2019. It has more than 80 brands that drive $7.8 billion in annual revenues. ONE Brands, formerly known as Oh Yeah! Nutrition was founded in 1999 by Ron McAfee. The company has roots in sports nutrition and is seen as a pioneer in the high-protein snack bar market.