Hershey acquires Pirate Brands from B&G Foods
Hershey’s is adding to its extensive portfolio.
The Hershey, Pa.-based company announced that it has entered into a definitive agreement to acquire Pirate Brands, which includes Pirate’s Booty, Smart Puffs and Original Tings from its parent company, B&G Foods.
“Pirate’s Booty is a leading cheese puffs brand loved by moms and kids as a better-for-you treat,” Mary Beth West, chief growth officer at Hershey, said. “We expect the full Pirate Brands portfolio to be a great fit for Hershey’s growing Amplify business which is targeted toward consumers who are looking for great-tasting snacks without compromise.”
As part of the acquisition, Pirate Brands will operate within Amplify’s hub in Austin. The Pirate’s Booty brand had its retail sales up over 8% on a year-over-year basis and is a market leader for consumers who are searching for snacks with clean labels and no artificial flavors, colors or preservatives, the companies said.
“Pirate Brands is a terrific business and we believe that it will thrive under the ownership of Hershey,” Bob Cantwell, president and chief executive officer at B&G Foods, said.
The total value of the acquisition is $420 million, or approximately $360 million net of tax benefits. It is expected to close in the fourth quarter of 2018 and is customary to regulatory approvals and other closing conditions.
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