Hershey to acquire Brookside Foods Ltd.
The Hershey Co. has reached an agreement to purchase Brookside Foods Ltd., a privately held confectionery company based in Abbotsford, British Columbia, Hershey says.
“The acquisition of Brookside is an opportunity for Hershey to expand our portfolio in this category,” says John P. Bilbrey, president and ceo. “Brookside pairs dark chocolate with exotic fruit-juice centers, such as goji, acai, blueberry and pomegranate, to create great-tasting treats, while delivering the benefits of flavanols and antioxidants. We look forward to building Brookside by leveraging Hershey’s scale at retail.”
The products are made at two facilities in British Columbia and Quebec. The Brookside product line is primarily sold in the U.S. and Canada in a take home re-sealable pack type. Annual net sales of the business are approximately $85 million Canadian dollars.
“We’re pleased that a company of Hershey’s stature and excellence appreciates Brookside’s growth, brand equity and people, as well as the great taste and potential of the Brookside product line,” says Ken Shaver, president and ceo of Brookside Foods Ltd.
Hershey expects the acquisition to be slightly accretive in the year subsequent to closing. The acquisition is subject to regulatory approval, customary closing adjustments and Brookside shareholder approval.
For more information on Hershey, visit http://www.thehersheycompany.com/; for more information on Brookside, visit http://www.brooksidefoods.com.
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