Hershey to buy Brookside Foods
Dec. 8, 2011
by Eric Schroeder
HERSHEY, PA. — The Hershey Co. has agreed to acquire Brookside Foods Ltd., a privately held confectionery company based in Abbotsford, B.C. Brookside makes chocolate-covered fruit juice pieces, as well as traditional chocolate-covered nuts and dried fruit. The products are made at two facilities in British Columbia and Quebec. The Brookside product line primarily is sold in the United States and Canada in a take home re-sealable package. Annual net sales of the business are approximately C$85 million ($83 million).
“The acquisition of Brookside is an opportunity for Hershey to expand our portfolio in this category,” said John P. Bilbrey, president and chief executive officer. “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.”
Ken Shaver, president and c.e.o. of Brookside Foods, 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.”
Hershey expects the acquisition to be slightly accretive in the year subsequent to closing. The acquisition is subject to regulatory approval, customary closing adjustments and Brookside shareholder approval.