In Hershey’s bid to transform itself into a larger player in the snack food space, the confectioner will acquire gourmet meat snacks brand Krave Jerky. The transaction is said to award Krave a valuation of between $200 million to $300 million, including earnouts. It is the maker of Hershey’s Kisses first foray outside of candy. Both Jon Sebastiani, the founder of Krave who is to remain as president of that unit, and Hershey have indicated that more acquisitions could be in the candy giant’s future. Like so many large consumer packaged goods conglomerates, Hershey’s product line-up is in need of a refresh, and the company has said that in addition to launching new products, M&A will be a way to satiate consumer’s evolving tastes.
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