Hershey buys Lily’s confectionery brand for $425m
Hershey’s entered into a definitive agreement to acquire Lily’s last month and the move is seen as part of a wider strategy to provide more BFY options after it recently introduced organic Reese’s Peanut Butter Cups and Kitkat THINS.
"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," said Chuck Raup, President US.
"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, Colorado, Lily's launched with four chocolate-style bars nationally in Whole Foods Market, today the expanded line of bars, baking chips and other confections can be found across the country at key retailers. The brand's mission is to offer consumers a range of great-tasting, low-sugar treats.
"By joining the Hershey's family of brands, Lily's will become a platform confection brand making better-for-you options easily accessible to all consumers," a spokesperson for the company said.