Hershey Acquires Sour Strips Candy
Deal News | Nov 08, 2024 | Ropes & Gray
The Hershey Company, a leading player in the snacks industry, has announced its acquisition of Sour Strips, a dynamic candy brand recognized for its strong presence on social media. This strategic move aims to bolster Hershey's portfolio of snack brands and affirms its commitment to expanding its candy offerings. Ropes & Gray, a reputable law firm, represented Hershey in this transaction, with the deal details made public through a press release on November 8. However, the financial particulars of the acquisition remain undisclosed. Hershey, known for a multitude of well-loved brands such as Reese's and Kit Kat, generates over $11.2 billion in annual revenues and employs over 20,000 people worldwide. The Ropes & Gray legal team, comprising M&A and private equity experts, facilitated various aspects of the deal, including intellectual property and employment, highlighting their role in advancing Hershey's growth strategy in competitive markets.
Sectors
- Confectionery
- Legal Services
Geography
- United States – Both The Hershey Company and Ropes & Gray are based in the United States, indicating this as the primary geography of the transaction.
Industry
- Confectionery – The focus of the acquisition is on expanding Hershey's portfolio in the confectionery segment, indicating its relevance to the candy industry.
- Legal Services – The involvement of law firm Ropes & Gray in facilitating the acquisition underscores the significance of legal services in mergers and acquisitions.
Financials
- Not Disclosed – The financial terms of the Hershey acquisition of Sour Strips were not disclosed.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| The Hershey Company | Acquirer | Company | A leading snacks company recognized for its expansive portfolio and significant revenue generation. |
| Sour Strips | Target Company | Company | A dynamic sour candy brand known for its influence on social media. |
| Ropes & Gray | Legal Advisor | Company | A law firm representing The Hershey Company in the acquisition process. |
| Jackie Cohen | M&A Partner | Person | Led the legal team from Ropes & Gray in the Hershey acquisition. |
| Neill Jakobe | Private Equity Partner | Person | Part of the legal team from Ropes & Gray, focusing on private equity aspects. |
| Erica Han | IP Transactions Partner | Person | Handled intellectual property aspects of the acquisition at Ropes & Gray. |
| Stephanie Lapidus | M&A Partner | Person | Part of the Ropes & Gray legal team managing M&A elements. |
| Jen Cormier | Employment Partner | Person | Focused on employment-related concerns at Ropes & Gray for the acquisition. |
| Aaron Harsh | Tax Partner | Person | Responsible for tax-related matters at Ropes & Gray in the acquisition. |
| Rocky Tsai | Litigation & Enforcement Partner | Person | Handled litigation aspects related to the acquisition at Ropes & Gray. |
| Steve Kaye | Counsel | Person | Provided additional legal counsel for the acquisition at Ropes & Gray. |
| Daniel Sotsky | M&A Associate | Person | Assisted in the M&A legal process at Ropes & Gray. |