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BOULDER Lily’s Sweets LLC, a Boulder maker of low-sugar confections, has entered into an agreement to be acquired by The Hershey Co. (NYSE: HSY).
“Hershey is focused on developing a [better-for-you or BFY] confection portfolio that offers a variety of choices to meet the evolving needs of our consumers,” Hershey’s United States president Chuck Raup said in a prepared statement. “Lily’s is a great strategic complement to our existing offerings in this growing segment of the confection category.”
Lily’s makes Stevia-sweetened chocolate bars, peanut butter cups, baking chips and chocolate covered nuts.
The deal, which will be financed with cash and short-term borrowing, is expected to close in the next few months. Financial terms were not disclosed, but Hershey did say in a U.S. Securities and Exchange Commission disclosure that the addition of Lily’s is expected to be slightly accretive to earnings after the first post-acquisition yea
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The Hershey Co. Acquires Lily s
The Hershey Co. will acquire Lily’s, a better-for-you confectionery brand. Lily’s products fit Hershey’s better-for-you snacking strategy and its portfolio of iconic chocolate and candy favorites, according to the company. Hershey is focused on developing a BFY confection portfolio that offers a variety of choices to meet the evolving needs of our consumers, said Chuck Raup, president U.S., in a statement. Lily s is a great strategic complement to our existing offerings in this growing segment of the confection category.
Based in Boulder, Colorado, Lily s traces its roots to co-founder Cynthia Tice s decision to raise awareness about better-for-you foods by opening Center Foods, a natural foods store, in Philadelphia in 1978. In 2012, Tice launched four Lily s chocolate style bars nationally in Whole Foods Market and today the expanded line of bars, baking chips, and other confections can be found across the country. The brand s missi