Hershey To Acquire Krave Jerky Positioning For The Protein Snacks Channel

HERSHEY, PA -- Hershey is tapping into the rapidly growing meat snack category with its announcement to acquire Krave Pure Foods Inc. Financial terms were not disclosed, but Krave had about $35 million net sales in the past year and was named to Forbes "2015 America's Most Promising Companies" list.

Krave was founded in 2009 by businessman Jonathan Sebastiani who, while training for the New York City marathon, believed he discovered a void of wholesome meat snacks. Krave jerky is made with all-natural ingredients and distinguished by unique flavors including black cherry barbeque pork jerky, basil citrus turkey jerky and chili lime beef jerky. The meat snacks are free of gluten and high fructose corn syrup, and have no added nitrites or MSG.

Krave will remain headquartered in Sonoma, CA, and Hershey Co. plans to operate it as a standalone business within its Hershey North America division. Sebastiani will continue to lead the business as president. The confectionary giant said it intends to leverage its supply chain capabilities, consumer insights and retail relationships to accelerate growth and access to Krave products.

"Krave jerky is a great fit to our portfolio and overall snacks and adjacencies strategy," said Hershey Co. North America president Michele G. Buck. "The Krave brand delivers on portable and protein nutrition while also understanding consumers' food preferences, including the desire for simple ingredients and transparency, something that is also a part of Hershey's strategic vision."