Hershey, a renowned name in the confectionery industry, has recently announced its acquisition of LesserEvil, a prominent maker of organic snacks that prioritize bold flavors with better-for-you ingredients. While the exact purchase price was not disclosed, reports suggest that the deal was valued at approximately $750 million. LesserEvil is known for its wide range of snacks including popcorn, puffs, curls, and other products made with healthier ingredients such as coconut oil or avocado oil.
This strategic acquisition further solidifies Hershey’s commitment to expanding its presence in the salty snacks market. In recent years, the Pennsylvania-based company has diversified its product portfolio by venturing into the salty snacks segment. The acquisition of LesserEvil adds another fast-growing brand to Hershey’s lineup, allowing the company to offer a wider range of snacking options to consumers.
Hershey’s foray into salty snacks began with the purchase of Amplify, the parent company of SkinnyPop popcorn, for $1.6 billion in 2017. Subsequent acquisitions of Pirate’s Booty cheese puffs, Dot’s Homestyle Pretzels, and now LesserEvil have further strengthened Hershey’s position in the snacks market. Veronica Villasenor, a seasoned veteran at Hershey, was recently appointed to oversee the company’s salty snacks business, signaling Hershey’s commitment to growing this segment.
Unlike traditional snack companies that focus on chips, Hershey has strategically chosen to acquire brands like LesserEvil that offer unique flavor profiles and innovative technology. LesserEvil’s product lineup, which includes Himalayan Pink Salt Paleo Puffs, Oh My Ghee! Popcorn, Sugar Cookie Popcorn, and Avocado-Licious Organic Popcorn, aligns perfectly with Hershey’s strategy of offering interesting and bold flavors to consumers.
Michele Buck, Hershey’s CEO, expressed excitement about the acquisition, stating that investing in LesserEvil will expand Hershey’s better-for-you snacks platform and cater to new consumer preferences. The deal not only complements Hershey’s existing confection and salty snack brands but also enhances its manufacturing capabilities to meet the growing demand from consumers and retailers.
Hershey has confirmed that LesserEvil’s leadership team will continue with the company after the acquisition, ensuring a smooth transition. The deal is expected to be finalized later this year, marking another significant milestone for Hershey in its quest to dominate the snacking market.
The acquisition of LesserEvil is part of a broader trend in the food industry where larger companies are acquiring smaller brands to drive growth and tap into emerging trends. PepsiCo’s acquisition of Siete Foods, Conagra Brands’ addition of Fatty meat sticks, and Flowers Foods’ purchase of Simple Mills are all examples of how established companies are expanding their portfolios to stay competitive in the evolving food landscape.
In conclusion, Hershey’s acquisition of LesserEvil underscores the company’s commitment to innovation and diversification. By adding a successful brand like LesserEvil to its portfolio, Hershey is poised to capture a larger share of the growing snacks market and cater to the evolving preferences of modern consumers.
