The Hershey Company (HSY, Financials) said Thursday it reached a definitive agreement to acquire LesserEvil, an organic snack brand, in a move to expand its offerings beyond traditional confectionery products.
The acquisition is expected to close later this year, subject to regulatory approval, the company said in a statement.
Hershey said the acquisition would bring additional manufacturing capabilities and support its efforts to grow across multiple snack categories. The company plans to position LesserEvil alongside existing snack brands such as SkinnyPop, Dots Homestyle Pretzels and Pirates Booty.
LesserEvils leadership team is expected to remain with the company following the acquisition. Hershey said the team will continue managing product development, market rollout and manufacturing.
LesserEvil, known for producing snacks using organic ingredients, has grown its presence in the better-for-you segment. Hershey said the brands existing operations and distribution channels will support the expansion of its snack portfolio.
The financial terms of the transaction were not disclosed.
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