The Hershey Co. recently completed its purchase of Lily’s, a manufacturer of low-sugar, better (BFY) confectionery products, for $425 million.
Last month, the companies entered into a definitive agreement as part of Hershey’s strategy to make more BFY options available to its customers.
“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,” Chuck Raup, Hershey’s U.S. president, said. “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.”
Based in Boulder, Colo., Lily’s manufactures low-sugar treats that are sold in major retailers nationwide. The company launched in Whole Foods Market with four chocolate-style bars. It now offers other confectionery, including baking chips. The line of bars has also expanded.
Headquartered in Hershey, Pa., Hershey Co. sells more than 90 brands and employs approximately 17,000 people worldwide. Annual revenue totals more than $8 billion.
Brands include Hershey’s, Jolly Launcher, Skinny Pop, KitKat, Reese, Pirates Booties, and Ice Breaker. The company recently launched organic KitKat THINS and Reese’s Peanut Butter Cups.