Hershey’s Pirate Brands acquisition to help it further grow its business in the better-for-you snacks segment.
The Hershey Co. has finalized the acquisition of Pirate Brands from B&G Foods Inc., including the Pirate’s Booty, Smart Puffs and Original Tings brands, for a purchase price of $420 million, or approximately $360 million net of tax benefits.
“We are thrilled to have the fast-growing Pirate’s Booty brand as part of the Hershey product portfolio,” said Mary Beth West, chief growth officer, The Hershey Co. “More and more consumers are seeking great-tasting snacks with clean labels and no artificial flavors, colors or preservatives, and Pirate’s Booty fits this need. We are looking forward to growing the full Pirate Brands portfolio in the years to come.”
Hershey first announced the pending acquisition in September.
“Pirate Brands is a terrific business and we believe that it will thrive under the ownership of The Hershey Co.,” said Bob Cantwell, president and CEO, B&G Foods.
In September, Hershey noted Pirate Brands will operate within Amplify, Hershey’s better-for-you snacking hub in Austin, Texas, which is focused on driving growth in the warehouse snacking aisle with unique product flavors and forms like Skinny Pop, Paqui and Oatmega.