US confectioner Hershey is set to expand its brand portfolio by acquiring Canadian confectionery firm Brookside Foods.
Privately-owned Brookside makes chocolate-covered fruit pieces and chocolate-covered nuts and dried fruit. The company, which has two facilities in British Columbia and Quebec, has annual net sales are approximately C$85m (US$132.9m).
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“The acquisition of Brookside is an opportunity for Hershey to expand our portfolio in this category,” Hershey president and CEO John Bilbrey said yesterday (8 December). “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.”
Hershey said it expects the acquisition, struck for an undisclosed sum, to increase its earnings per share in the year subsequent to closing. The transaction is subject to regulatory clearance, customary closing adjustments and Brookside shareholder approval.
Brookside Foods president and CEO Ken Shaver added: “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.”
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