Sonoma Brands has acquired KRAVE Pure Foods from Amplify Snack Brands, a business unit of The Hershey Company.
KRAVE Pure Foods is a producer of gourmet meat, poultry, and plant-based protein snacks. The company was founded in 2009 and is headquartered in Austin, Texas.
Sonoma Brands invests in high-growth consumer brands. The firm was founded in 2016 by Managing Partner Jon Sebastiani and is headquartered in Sonoma, California. Prior to founding Sonoma Brands, Mr. Sebastiani was the founder and CEO of KRAVE until its sale to The Hershey Company in 2015.
“I have always had a great relationship with The Hershey Company and watched them grow KRAVE,” said Mr. Sebastiani. “From expanding KRAVE’s product offerings to dipping into the plant-based category and increasing worldwide distribution, KRAVE is in a great spot to come back home to Sonoma where we can continue the brand’s fantastic momentum as a category leader.”
“KRAVE is a great brand with a loyal fanbase who appreciate its innovative gourmet flavors and culinary roots tracing back to its origins in Sonoma, California,” said Hector de la Barreda, the president of Amplify Snack Brands. “We look forward to its success with a different go-to-market model under the guidance of founder Jon Sebastiani.”
Amplify Snack Brands is a “better-for-you” snack brand company based in Austin, Texas. Company-owned brands include SkinnyPop, Paqui, Oatmega, KRAVE, and Pirate’s Booty. The company went public in 2015 and was acquired by Hershey in December 2017 for $1.6 billion.
The Hershey Company (NYSE: HSY) is one of the largest chocolate manufacturers in the world and it also produces a multitude of candy, baked products, syrups, and beverages. The Hershey Company was founded in 1894 and is headquartered in Hershey, Pennsylvania.
© 2020 Private Equity Professional | May 5, 2020
