The Hershey Company wants to acquire another snacking company, LesserEvil, as it builds its snacking portfolio.
The Derry Township Fortune 500 company announced Thursday it has entered into an agreement to acquire the maker of organic snacks including popcorn.
The Wall Street Journal reports Hershey has agreed to pay nearly $750 million in the deal.
“This high-growth brand not only complements our beloved confection and salty snack brands but also brings additional manufacturing capabilities and capacity to meet growing consumer and retailer needs,” said Michele Buck, president and CEO, in a statement.
The confectioner, known for Hershey’s Kisses and Reese’s Peanut Butter Cups, has been diversifying its portfolio.
Hershey has expanded its snacking segment with the addition of SkinnyPop, Dot’s Homestyle Pretzels and Pirate’s Booty.
LesserEvil sells organic popcorn made with coconut oil in flavors such as Himalayan pink salt, white cheddar and Homer’s Blend.
The brand also includes Paleo Puffs and Power Curls and LesserEvil Kids products made with fruits and vegetables.
Former Wall Street veteran and now-CEO Charles Coristine turned around the company after purchasing it in 2011.
LesserEvil brought in $103 million in gross sales in 2023, according to CNBC.
Hershey noted LesserEvil’s leadership team will continue with the company.
“Joining a company that shares our passion for responsible business, giving to a cause greater than oneself, and long-term vision makes this an incredible opportunity for our brand and our team,” Coristine said.
Hershey said the transaction is pending regulatory approval and is expected to happen by the end of this year.
