The Hershey Company has entered into an agreement to acquire high-protein snack bar maker One Brands for $397 million.
The brand, which was founded in 1999 and formerly known as Oh Yeah! Nutrition, is currently backed by Cavu Venture Partners.
Hershey said the acquisition will enable it to provide “a competitive offering of brands” in the nutrition bar category.
One Brands will complement Hershey’s Oatmega business, which was acquired as part of the 2018 acquisition of Amplify Snack Brands, and its recent investment in Irish protein bar manufacturer Fulfil.
“One’s portfolio of great-tasting nutrition bars, with indulgent flavours such as birthday cake, maple glazed doughnut and peanut butter pie, will be a strong strategic fit within our overall innovative snacking powerhouse vision,” said Mary Beth West, Hershey chief growth officer.
“Our beloved confection brands will continue to be the engine that drives our business while we broaden our better-for-you portfolio, offering more snacking choices for more consumers.”
Ron McAfee, founder of One Brands, said: “We’re proud of the brand we built and look forward to continuing to build on our momentum with the strength and capabilities that Hershey can provide.”
Peter Burns, CEO of One Brands, added: “Our consumer proposition, brand equity and team provide us with confidence, especially when combined with an industry leader like Hershey.”
Hershey intends to expand the existing One Brands offering by leveraging its own capabilities in sales and distribution, category management and digital commerce.
It is expected the transaction will close in the fourth quarter of 2019.
Last year, One Brands released One Basix Bars, a gluten-free range of bars that are sweetened with stevia. Each bar in the line contains 20g of protein and 1g of sugar.
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