The Hershey Company (NYSE: HSY) announced the completion of its acquisition of ONE Brands, LLC, the maker of a line of low-sugar, high-protein nutrition bars for a purchase price of $397 million, or approximately $325 million net of tax benefits. The acquisition is expected to be slightly accretive to earnings in the first full year post closing.

“ONE Brands is a great addition to Hershey’s growing portfolio of better-for-you snacking brands, and we are excited about getting to work with this talented team,” said Mary Beth West, chief growth officer, The Hershey Company. “As the nutrition bar category continues to grow, ONE offers a compelling brand proposition with great-tasting, unique flavors, low sugar and high protein.” 

“We are honored to officially be a part of the Hershey family and to expand ONE Brands’ reach to more consumers with great tasting products that deliver on superior nutrition and texture,” said ONE Brands CEO, Peter Burns. “The brand has received incredible feedback since its inception, and we are thrilled to continue this momentum under the leadership of Hershey.”

ONE Brands will complement Hershey’s existing Oatmega business, which was acquired as part of the 2018 acquisition of Amplify Snack Brands, Inc., and its recent investment in FULFIL Holdings limited, a European leader in vitamin-fortified, high-protein bars. Hershey intends to expand the existing ONE Brands offerings by leveraging its core capabilities in sales and distribution, category management and digital commerce.