Source: MEATINGPLACE, 1/29/15

Hershey Co. announced plans to acquire Krave Pure Foods Inc., maker of all-natural premium jerky products, in a move to tap into the fast-growing meat snacks category.

Terms of the deal were not announced. Krave had $35 million in net sales in 2014.

Premium jerky is the fastest-growing sub-segment of the estimated $2.5 billion U.S. meat snacks category. The overall meat snacks category saw a compound annual growth rate of about 10 percent from 2010 to 2014, while the premium subset in which Krave participates increased at a rate of almost four times greater than mainstream brands, Hershey said.

“The Krave brand delivers on portable and protein nutrition while also understanding consumers’ food preferences, including the desire for simple ingredients and transparency,” said Michele Buck, president of Hershey North America.

Krave jerky comes in flavors including Black Cherry Barbeque Pork Jerky, Basil Citrus Turkey Jerky and Chili Lime Beef Jerky. The products are free of gluten and high fructose corn syrup and have no added nitrites or MSG.

“Joining the Hershey family will extend our resources for innovation and expand Krave jerky’s presence in the larger healthy snacking category,” said Jonathan Sebastiani, Krave’s chief executive, who founded the company in 2009.

Krave will remain headquartered in Sonoma, Calif. Hershey plans to operate Krave as a standalone business within its Hershey North America division. Sebastiani will continue to lead the business as president of Krave and will report to Buck.

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