Alliance Consumer Growth (“ACG”), a consumer-focused investment firm, announced that its partner company KRAVE Jerky (“KRAVE”) has agreed to be acquired by The Hershey Company ("Hershey"). Terms of the transaction were not disclosed.
Since ACG first invested in KRAVE in 2012, KRAVE has led a renaissance in the meat snacks category and has become America’s fastest-growing jerky brand. With ACG’s collaboration, KRAVE significantly grew distribution in new and existing regions and launched highly successful marketing and branding campaigns. In 2015 KRAVE was named by Forbes as one of “America’s Most Promising Companies.”
"We are proud of the growth and success that KRAVE has experienced working with ACG," said KRAVE CEO Jon Sebastiani. "ACG has been a key advisor, helping KRAVE define and execute its strategic plan, expand marketing and distribution and improve operating capabilities. We have enjoyed our partnership with ACG and look forward to continuing our growth with Hershey."
Julian Steinberg, Managing Partner at Alliance Consumer Growth, said, "Jon Sebastiani and the KRAVE team have done an extraordinary job building the company. We are thrilled with the rapid growth and development of the brand over the last two years. KRAVE has revolutionized jerky by driving new consumers into the category and redefining jerky as a ‘better-for-you,’ high-protein snack. This transaction represents a terrific outcome for all involved, and we are confident that KRAVE will continue to thrive for years to come under Hershey's ownership."