The Hershey Company Acquires Sour Strips Candy
The Hershey Company has acquired candy brand Sour Strips as it diversifies its offerings in the confection category.
In 2019, social media personality Maxx Chewning founded the brand Sour Strips, which carries the tagline, “sour candy that doesn’t suck.” Chewning will continue to lead its marketing and innovation initiatives.
"The acquisition of Sour Strips expands Hershey's offerings within our growing sweets portfolio with a product that is beloved by consumers," said Mike Del Pozzo, president of U.S. Confection at Hershey. "We're energized to welcome Maxx and the Sour Strips team to Hershey as we relentlessly accelerate our growth in sweets."
The company’s confection business has experienced recent leadership changes. Earlier this year, Michael Del Pozzo took on the role of growing the category as its president. He replaced Charles Raup, who spent 15 years at Hershey and left to pursue other executive opportunities.
Burst of CPG M&A Activity Continues
Major consumer goods companies are undergoing category optimization efforts, tightening up portfolios by offloading underforming brands, investing in the core offerings, and expanding in areas poised for growth.
For example, Keurig Dr Pepper is expanding its beverage and energy drink portfolio by acquiring Ghost, a sports nutrition business. PepsiCo is growing its better-for-you and multicultural food portfolio, acquiring Garza Food Ventures, which owns the Siete Foods brand. Also, Diageo North America is growing in the non-alcoholic spirit category with the purchase of Ritual.
