SONOMA, CA
Valentine’s Day is just around the corner. Chocolate-covered strawberries, chocolate drizzled marshmallows, and now coming soon to you – chocolate-dipped beef jerky?
The Hershey Company has announced a new venture in choclateering with its intentions to purchase KRAVE, an up-and-coming jerky company based in Sonoma, CA, for an estimated $200 to 300 million, according to the New York Times.
“KRAVE Jerky is a great fit to our portfolio and overall snacks and adjacencies strategy,” Michele G. Buck, President of the Hershey Company, North America, said in a press release. “The Krave brand delivers on portable and protein nutrition while also understanding consumers’ food preferences, including the desire for simple ingredients and transparency, something that is also part of Hershey’s strategic vision. We are excited to add KRAVE Jerky’s unique, chef-inspired products and be a part of this transformational category.”
The numbers have definitely reflecting a trending affinity for jerky, nuts, and other categories that are healthier to munch on. From the 2013 to the 2014 fiscal years alone Krave’s sales soared from $17 million to $36 million.
Chocolate prices, on the other hand, have been on the rise, making candy a business that needs to get a bit creative. And, truth be told, it’s hard to picture something chocolate can’t pair with, but this?
“An important focus of KRAVE Jerky’s business strategy is to push the boundaries within our category and to stay on top of ever-changing consumer needs,” Jonathan Sebastiani, KRAVE CEO and Founder, said. “Joining the Hershey family will extend our resources for innovation and expand KRAVE Jerky’s presence in the larger healthy snacking category. Our partnership with Hershey is a testament to our team’s dedication to creating something unexpected and striving to be a cut above the rest. We are confident in our future and look forward to further success with Hershey.”
Hershey’s does have quite the resume; the bringer of chocolate kisses, peanut butter cups, almond joys, and all other chocolatey ventures. So, who knows?
Perhaps this is one of those ideas that is so crazy, it just might work.
