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The Hershey Company

Confectionery and snackingFounded 1894
Reviewed by Swet Parvadiya
Company data updated: October 2026

Acquisitions

Hershey Acquisitions

4

Major Deals Covered

$4.0B

Disclosed Deal Value

What are Hershey's biggest acquisitions?

Hershey's largest disclosed acquisition here is Amplify Snack Brands for $1.6B in 2018. This page covers 4 major deals from 2018 to 2025, each with its price where disclosed and the reason behind it.

Major deals covered
4
Largest deal
Amplify Snack Brands ($1.6B)
First deal
2018
Most recent
2025
CompanyYearPricePurpose
Amplify Snack Brands2018$1.6BHershey acquired Amplify Snack Brands to enter the better-for-you salty snacks category through its flagship brand SkinnyPop, one of the fastest-growing popcorn brands in the United States. The acquisition reflected Hershey strategy to diversify beyond seasonal chocolate into snacking occasions that occur year-round.
Dot's Homestyle Pretzels2021$1.2BHershey acquired Dot's Homestyle Pretzels and Pretzels Inc. to further build its presence in salty snacks. Dot's had become the fastest-growing pretzel brand in the United States through its distinctive seasoned pretzel twists that offered a flavor-forward alternative to traditional salted pretzels.
LesserEvil2025$750.0MHershey bought LesserEvil, a Connecticut maker of organic popcorn, puffs and other better-for-you snacks, to deepen its salty snack portfolio. The deal was announced in April 2025; Hershey did not disclose terms, but The Wall Street Journal reported a price of about $750 million.
Lily's Sweets2021$425.0MHershey acquired Lily's Sweets, a leading better-for-you confectionery brand that uses stevia-based sweeteners instead of sugar, to enter the sugar-free and low-sugar confectionery segment. Lily's had built a loyal following among diabetics, keto dieters, and health-conscious consumers who avoided traditional sugar-sweetened candy.
What companies has Hershey bought?
Major acquisitions by Hershey documented here include Amplify Snack Brands (2018), Dot's Homestyle Pretzels (2021), LesserEvil (2025) and Lily's Sweets (2021).
What is Hershey's most recent acquisition?
The most recent Hershey acquisition documented here is LesserEvil, in 2025, for $750M.

LesserEvil

2025

$750M

Why

Hershey bought LesserEvil, a Connecticut maker of organic popcorn, puffs and other better-for-you snacks, to deepen its salty snack portfolio. The deal was announced in April 2025; Hershey did not disclose terms, but The Wall Street Journal reported a price of about $750 million.

Impact

LesserEvil adds an organic, ingredient-led brand next to SkinnyPop and Pirate's Booty and gives Hershey more reach with health-focused shoppers.

Outcome

The acquisition closed in November 2025, one of the first major deals under CEO Kirk Tanner.

Source →

Dot's Homestyle Pretzels

2021

$1.2B

Why

Hershey acquired Dot's Homestyle Pretzels and Pretzels Inc. to further build its presence in salty snacks. Dot's had become the fastest-growing pretzel brand in the United States through its distinctive seasoned pretzel twists that offered a flavor-forward alternative to traditional salted pretzels.

Impact

Dot's provided Hershey with a premium pretzel brand that complemented SkinnyPop in the better-for-you snacking space. The acquisition expanded Hershey's salty snack portfolio and gave it a manufacturing platform in the Midwest for pretzel production at scale.

Outcome

Dot's has continued to grow rapidly under Hershey ownership and is now distributed nationally through major retailers. The acquisition made salty snacks a reporting segment in its own right, now roughly 11% of Hershey's net sales.

Source →

Lily's Sweets

2021

$425M

Why

Hershey acquired Lily's Sweets, a leading better-for-you confectionery brand that uses stevia-based sweeteners instead of sugar, to enter the sugar-free and low-sugar confectionery segment. Lily's had built a loyal following among diabetics, keto dieters, and health-conscious consumers who avoided traditional sugar-sweetened candy.

Impact

Lily's gave Hershey access to consumers who had eliminated themselves from the traditional candy market due to sugar concerns or dietary restrictions. The acquisition created a premium, health-positioned tier within Hershey's confectionery portfolio that could be marketed with very different messaging from Reese's and Hershey's Bar.

Outcome

Lily's has expanded its product line under Hershey and grown distribution in health-focused retailers and mainstream grocery. The brand benefits from Hershey's manufacturing and distribution scale while maintaining its distinct positioning for health-conscious consumers, demonstrating how legacy candy companies can serve consumers who have moved away from traditional confectionery.

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Amplify Snack Brands

2018

$1.6B

Why

Hershey acquired Amplify Snack Brands to enter the better-for-you salty snacks category through its flagship brand SkinnyPop, one of the fastest-growing popcorn brands in the United States. The acquisition reflected Hershey strategy to diversify beyond seasonal chocolate into snacking occasions that occur year-round.

Impact

Amplify gave Hershey immediate scale in the premium salty snack category and distribution in channels including natural grocery, Costco, and convenience stores where SkinnyPop had strong positions. The deal, valued at about $1.6 billion including debt and closed in January 2018, gave Hershey its first meaningful position in the salty snack aisle.

Outcome

SkinnyPop remains one of the leading ready-to-eat popcorn brands under Hershey ownership. The Amplify deal became the base of the North America Salty Snacks segment, later expanded with Pirate Brands (2018), Dot's (2021) and LesserEvil (2025).

Source →

The Hershey Company's Growth & Acquisition Strategy

Under Kirk Tanner, Hershey's ONE Hershey strategy aims to lead U.S. snacking across sweet and salty occasions. The salty push began with Amplify Snack Brands (SkinnyPop) in 2018, followed by Pirate's Booty (2018), Dot's Homestyle Pretzels and Pretzels Inc. (2021), and LesserEvil, closed in November 2025 for a reported $750 million. On the sweet side it is betting on innovation, seasonal formats, Reese's line extensions, better-for-you brands such as Lily's and ONE protein bars, and more spending on merchandising.

How The Hershey Company Makes Money

Hershey is a branded consumer packaged goods manufacturer. It buys cocoa, sugar, dairy, peanuts and packaging, converts them into branded chocolate, candy and snacks in its own plants, and sells them wholesale to retailers such as Walmart, grocery chains, convenience stores, dollar stores and club stores. Profit comes from brand-driven pricing power, high-velocity impulse placement at checkout, and four major seasons (Valentine's Day, Easter, Halloween and the holidays). It reports three segments: North America Confectionery, North America Salty Snacks and International.

Hershey Acquisitions FAQ

What are the most transformative corporate acquisitions in the history of The Hershey Company?

Historically transformative acquisitions include H.B. Reese Candy Company (1963 for $23.5M), Y&S Candies / Twizzlers (1977), Cadbury US license (1988), Leaf North America / Jolly Rancher (1996), Amplify Snack Brands / SkinnyPop (2018 for $1.6B), Dot's Homestyle Pretzels (2021 for $1.2B), and Lily's Sweets (2021).

Why was the 1963 acquisition of the H.B. Reese Candy Company the greatest deal in candy history?

Hershey acquired the H.B. Reese Candy Company in 1963 for $23.5 million in Hershey stock. H.B. Reese (a former Hershey dairy worker who started making peanut butter cups in his basement in 1928) built a brand that grew under Hershey into a $3.0+ billion global candy leader.

What was the strategic impact of acquiring Amplify Snack Brands (SkinnyPop) for $1.6 billion in 2018?

Acquiring Amplify Snack Brands in January 2018 gave Hershey SkinnyPop, the market leader in ready-to-eat bagged popcorn, launching Hershey's strategic transformation into a diversified savory snacking leader.

Why did Hershey acquire Dot's Homestyle Pretzels and Pretzels Inc. for $1.2 billion in 2021?

Hershey acquired Dot's Pretzels and manufacturing partner Pretzels Inc. in December 2021, capturing the fastest-growing brand in the $2 billion US pretzel category and establishing automated in-house pretzel baking manufacturing infrastructure.

How did the 1977 acquisition of Y&S Candies bring Twizzlers into Hershey?

Hershey acquired Y&S Candies (Young & Smylie, founded in 1845) in 1977, securing Twizzlers and Nibs, making Hershey the dominant leader in American licorice and non-chocolate chewy candy.

Why did Hershey acquire low-sugar chocolate maker Lily's Sweets in 2021?

In June 2021, Hershey acquired Lily's Sweets for $425 million, securing the leading brand in low-sugar, stevia-sweetened chocolate bars and baking chips to capture health-conscious and keto consumer demand.

How did Hershey acquire Jolly Rancher in 1996 through Leaf North America?

Hershey acquired the North American confectionery operations of Leaf Inc. in 1996, adding Jolly Rancher hard candy, Milk Duds, Whoppers malted milk balls, PayDay, and Heath bars to its dominant portfolio.

What criteria does Hershey prioritize when evaluating potential snacking M&A targets?

Hershey evaluates snacking targets based on strong consumer brand affinity, unique proprietary taste profiles, high gross margin accretion, potential for national retail distribution expansion, and alignment with modern snacking consumer trends.

What companies has Hershey acquired?

To rapidly expand into salty snacks, Hershey executed massive acquisitions. In 2017, they bought Amplify Snack Brands (makers of SkinnyPop popcorn) for a massive $1.6 billion. In 2021, they bought Dot's Pretzels for $1.2 billion, completely altering the company's portfolio to balance sweet and salty products.

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Content is for informational purposes only. Not financial advice. Data sourced from SEC filings, annual reports, and public records. See our full disclaimer and methodology.