Hershey invests in two snacking businesses

US-based snacks manufacturer Hershey has invested in Fulfil Holdings and Blue Stripes through its venture model C7 Ventures.

C7 Ventures offers information about disruptive or emerging platforms that are focused on new technologies and go-to-market opportunities.

Fulfil is engaged in the production of nutrition bars in the UK and Ireland.

The Hershey Company chief growth officer Mary Beth West said: “Successful companies evolve and engage consumers in new and different ways.

“As we continue to expand our snacking portfolio, our innovation agenda takes a balanced approach across investing in core brands and experimenting with new business models.

“This includes creating new platforms through R&D, strategic acquisitions and investments in businesses that are sitting at the cross-section of new consumer snacking needs.”

Through this investment, the company intends to expand its product portfolio and establish its presence across new markets.

Hershey also invested in Blue Stripes, which was established by Oded Brenner creator of Max Brenner, a chocolate sensory immersion.

With this investment, the company plans to further explore go-to-market opportunities.

Financial details have not been divulged by the companies.

Hershey has over 80 brands that drive more than $7.8bn in annual revenues, including Hershey’s, Reese’s, Kit Kat, JollyRancher, IceBreakers, SkinnyPop and Pirate’s Booty.

Last October, Hershey purchased Pirate Brands from B&G Foods for $420m. It acquired various Pirate brands, including Pirate’s Booty, Smart Puffs and Original Tings.

Pirate Brands was acquired by B&G Foods in 2013 for approximately $195m.