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One of the conglomerates of the candy business is making a new acquisition.
What’s happening:
- The Hershey Company (NYSE: HSY) has officially acquired viral candy brand Sour Strips
Why it matters:
- Sour Strips was founded by content creator and entrepreneur Maxx Chewning and exploded to popularity across North America, largely due to its disruptive approach to social media and marketing
- The Hershey Company is one of the singular most dominant forces in the business of candy and snacks, with more than a century of successful operations and relentless acquisitions
Going deeper:
- Hershey’s acquisition of Sour Strips is further validation that content creator led brands are reaching real commercial success, which is what just recently pushed Molson Coors (NYSE: TAP) to purchase a majority equity stake in Dwyane Johnson’s ZOA Energy brand
The fine print:
- It has not been publicly disclosed what The Hershey Company actually paid to buy Sour Strips, nor is it known what the annual revenue of Sour Strips is due to it being a privately held company
