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The Hershey Company is acquiring confectionery brand Lily's to add to its better-for-you (BFY) portfolio.
Hershey's will finance the acquisition with cash on hand and short-term borrowings.
Chuck Raup, President US The Hershey Company, described the acquisition as a great strategic complement to their existing offerings, adding that they are focused on developing a BFY confection portfolio.
BFY snacking is growing faster than mainstream segments across snacking categories. However, BFY offerings under-developed in confection, and Lily's acquisition would enable Hershey to accelerate this growth.
Lily's produces low-sugar products such as dark and milk chocolate bars, baking chips, and peanut butter cups.
The Boulder, Colorado-based Lily's was launched nationally in 2012 in the Whole Foods Market.
