Hershey acquires organic snack brand LesserEvil in reported US$750m ($1.2b) deal
The Hershey Company has completed its acquisition of US-based organic snack maker LesserEvil, after first announcing its intent to buy the business in April 2025. The deal has been widely reported at around US$750.0m, based on coverage citing The Wall Street Journal, with the value linked to performance targets and official terms not disclosed.
Transaction snapshot
Deal value: Reported consideration of about US$750.0m ($1.2b); Hershey has not disclosed financial terms
Deal multiples: Implied revenue multiple of ~4.5x
Deal type: 100% acquisition
Investors: The Hershey Company
Hershey first announced its intent to acquire LesserEvil on 3 April 2025, positioning the deal as part of its strategy to expand in “better-for-you” snacking and salty snacks alongside its core confectionery portfolio. The transaction subsequently closed on 19 November 2025, at which point Hershey confirmed that LesserEvil would sit within its broader snacks platform and that the brand would help broaden consumer choice across its range.
LesserEvil is a US-based, cross-category snack brand known for organic popcorn, puffs, curls and cookies made with organic ingredients and unrefined extra-virgin oils, without artificial dyes or preservatives. The company was founded in 2005 and from 2014 to 2018 focused on organic popcorn before expanding into other snack formats. In 2022, LesserEvil acquired a majority stake in plant-based bar and drink powder maker R.E.D.D. Bar, and in 2023 it secured a minority growth investment from Aria Growth Partners. The business generated revenue of about US$165.0m ($255.7m) in 2024, implying a revenue multiple of roughly 4.5x at the reported deal value.
Hershey has framed the acquisition as a way to broaden its better-for-you and salty snack offerings while cocoa prices remain elevated and the company diversifies beyond chocolate. LesserEvil’s organic, health-oriented positioning and flavour-led innovation are described as complementary to Hershey’s existing salty snack brands, including SkinnyPop, Dot’s Homestyle Pretzels and Pirate’s Booty, which together have grown about 1.5 times faster in 2024 than in the previous three years. The deal also brings additional manufacturing capacity into Hershey’s network via LesserEvil’s facilities in Connecticut, where the company is pursuing further expansion of its New Milford factory and adding new jobs following the takeover.
Post-transaction, Hershey has confirmed that LesserEvil’s leadership team will remain in place to continue running its commercial model, speed-to-market capabilities and manufacturing operations. LesserEvil will keep producing its snacks with the same organic ingredient standards while leveraging Hershey’s scale, retail relationships and category insights to extend distribution across major US retailers.
