The Hershey Company has completed its acquisition of Lily's for $425 million.
"Lily's is a great addition to Hershey's growing portfolio of better-for-you snacking brands, and we are excited to add this high-growth, leading better-for-you brand and to get to work with its talented and innovative team," said Chuck Raup, president U.S. "Lily's popular low-sugar products are a great strategic fit with our multi-pronged better-for-you snacking strategy and will perfectly complement our existing iconic Hershey's better-for-you offerings."
Based in Boulder, Colorado, Lily's traces its roots to co-founder Cynthia Tice's decision to raise awareness about better-for-you foods by opening Center Foods, a natural foods store, in Philadelphia in 1978. In 2012, Cynthia launched four Lily's chocolate-style bars nationally in Whole Foods Market. The expanded line of bars, baking chips and other confections can be found across the country at key retailers. The brand's mission is to offer consumers a range of great-tasting, low-sugar treats.
"Cynthia had the vision that consumers wanted a better-for-you option in confection, and today 80 percent of adults want to cut back on their sugar intake," said Lily’s CEO Jane Miller when the acquisition was announced. "By joining the Hershey's family of brands, Lily's will become a platform confection brand making better-for-you options easily accessible to all consumers."