The Hershey Company entered a deal to acquire LesserEvil, an organic popcorn and healthy snacks brand originally founded in 2004 by Michael Sands, “Mad Money’s” Jim Cramer and the late Gene Hackman.
The deal—worth $750 million according to The Wall Street Journal—is expected to close later this year and comes amid a wave of “better-for-you” moves, investments and acquisitions by Coca-Cola, Pepsi-Co, Celsius and Keurig Dr Pepper.
“Investing in LesserEvil brings a multi-category, better-for-you snacks platform to extend our offerings into new categories and forms, reaching new consumers in more eating occasions,” The Hershey Company president and CEO Michele Buck said. “This high-growth brand not only complements our beloved confection and salty snack brands but also brings additional manufacturing capabilities and capacity to meet growing consumer and retailer needs.”
The Hershey Company’s more health-conscious products currently includes SkinnyPop and Pirate’s Booty. In addition to its popular popcorn, LesserEvil also makes organic snacks for children and Paleo Puffs, Power Curls, Space Balls and Moonions (a newer onion-flavored product) all made with simple ingredients.
“LesserEvil has always been built on a foundation of clear purpose, constant innovation, and a deep commitment to our people—fostering a vibrant culture rooted in mindfulness and better-for-you snacking using organic ingredients,” LesserEvil CEO Charles Coristine said. The former Morgan Stanley executive acquired LesserEvil in 2011 for a reported $350,000, according to CNBC, and scaled the brand to $103.3 million in annual gross sales in 2023.
“Joining a company that shares our passion for responsible business, giving to a cause greater than oneself, and long-term vision makes this an incredible opportunity for our brand and our team,” Coristine added. “Hershey’s century-long legacy of excellence creates not just strategic alignment but a true cultural home where we can continue to grow and make an impact.”
