Hershey has agreed to buy ONE Brands, the makers of the ONE Bar for $397 million.
It has been a good few weeks, especially if you own a popular protein bar. First we got word that Simply Good Foods Company bought Quest Nutrition for $1 billion. And now it looks like Hershey, the chocolate makers, are getting into the health bar game. Yep, Hershey just agreed to buy ONE Brands, LLC, the makers of the ONE Bar, for $397 million. Man, I should have made a protein bar years ago.
Anyways, it appears that Hershey is trying to change the image of their company, and is trying to expand their portfolio to include healthy meal replacements and snacks. Mary Beth West, Hershey’s Chief Growth Officer, had the following to say about their recent acquisition.
“ONE’s portfolio of great tasting nutrition bars, with indulgent flavors such as Birthday Cake, Maple Glazed Doughnut and Peanut Butter Pie, will be a strong strategic fit within our overall innovative snacking powerhouse vision.”
She then went on to add, “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, ONE Brands, LLC, said the following. “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, ONE Brands, LLC added, “Our consumer proposition, brand equity and team provide us with confidence, especially when combined with an industry leader like Hershey.”
Hershey has been busy trying to grow the health foods side of their portfolio. In 2018 Hershey acquired Amplify Snack Brands, Inc., and their Oatmega business. They also recently invested in FULFIL Holdings limited, a European manufacture of high-protein, vitamin-fortified bars.
Like most giant food companies, Hershey is taking over successful businesses instead of trying to develop a health food division from scratch. This makes sense for such a large corporation. Instead of trying to fight against their brand image, and taking a huge risk, they are acquiring an already established health food brand, that already has customers.
Is this the last major purchase we will see from an already established food brand outside of the health of fitness industry? If we have learned anything from the major trends of the last ten years, then no. Man, I should have made my own healthy protein bar years ago. Oh well, who knows. Maybe it’s not to late to start something new?