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The Hershey Company expands sweets portfolio with acquisition of Sour Strips

Nov 08, 2024•about 1 year ago

Acquiring Company

The Hershey Company

Acquired Company

Sour Strips

HersheyStaffordManufacturingFood and Beverage

Description

The Hershey Company has acquired Sour Strips, a fast-growing sour candy brand that has enhanced Hershey's presence in the category and expanded its reach to new consumers for more snacking occasions. Founded in 2019 by social media personality Maxx Chewning, Sour Strips aims to invigorate the sour candy category with shockingly sour flavors and innovative branding.

Company Information

Company

The Hershey Company

Location

Hershey, Pennsylvania, United States

About

The Hershey Company (NYSE: HSY) is an industry-leading snacks company with a purpose to make more moments of goodness through its iconic brands. With more than 20,000 remarkable employees worldwide, Hershey delivers delicious, high-quality products across approximately 70 countries, generating over $11.2 billion in annual revenues. The company's portfolio includes beloved chocolate and confectionery brands such as Hershey's, Reese's, Kisses, Kit Kat®, Jolly Rancher, Ice Breakers, Shaq-a-licious alongside popular salty snacks including SkinnyPop and Dot's Homestyle Pretzels.

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M&A Insights

Based on deal data
Integration timeline
70% of M&A integrations take 12-24 months to complete
Tech stack consolidation
83% of merged companies consolidate technology vendors within first year
Post-acquisition investment
Companies increase IT spending by 23% on average after acquisitions
Success factor
M&A deals with strong technology integration plans are 2.5x more likely to succeed