Hershey is buying fast-growing Dot’s Homestyle Pretzels and its Midwest co-manufacturer Pretzels Inc., for $1.2 billion — a combined deal that would be the second-largest deal in its history — in an effort to broaden the company's snacking portfolio and reach more consumers with a broader mix of salty and sweet offerings.
The purchase of premium pretzel brand Dot's, known for its bold flavors including Southwest and Honey Mustard, would further quicken Hershey's push into the permissiblesalty snack category, an area where the company has previously been underrepresented. Hershey would inherit a brand that has amassed a 9% market share in the $2 billion pretzel category in only five years.
赫尔希（Hershey）首席执行官米歇尔·巴克（Michele Buck）在接受采访时说：“这对我们来说绝对是一场成长。”“他们真的引起了我们的注意，因为过去一年的增长一直很大。”
在其127年历史的大部分时间里，Hershey以其文件夹of confections, including Reese's, Almond Joy, Kisses and its iconic chocolate bar.
But under Buck's direction, Hershey has rapidly evolved into a "snacking powerhouse" by accelerating growth in the company's hugely profitable confectionery business through innovationand更深入地关注low- or no-sugar, organic and bite-sized offerings。It has simultaneously moved methodically to become known for more than just its sweets by expanding into new snack offerings through a series of deals.
自巴克（Buck）在2017年接任以来，好时（Hershey）购买了海盗的战利品和蛋白质制造商一个品牌,以及invested in Quinn，爆米花，薯条和椒盐脆饼的制造商。这家总部位于宾夕法尼亚州的公司最大的收购是在巴克购买Amplify时掌管的九个月后，the parent of SkinnyPop popcorn为16亿美元。
巴克说，与Skinnypop有“惊人的相似之处”，Skinnypop已经是好时投资组合中第五大品牌。当获得Skinnypop时，它的家庭渗透率也很低，营销有限，利润率很高，并且可以根据其出售的位置增加新的包装尺寸以吸引消费者。
"We do think there are interesting parallels that give us a lot of confidence" in purchasing Dot's, she said.
Dot's Pretzels was founded more than a decade ago in North Dakota by Dot Henke in her home kitchen as a special snack she shared with family, friends and neighbors to get through the winter. Today, the brand is the fastest-growing offering in the pretzel category, according to Hershey, responsible for 55% of the segment's growth during the past year.
Buck said Hershey is routinely tracking snack brands within categories they are targeting that could benefit from the CPG giant's innovation, marketing and brand building expertise to boost sales and household penetration.
Buck说，Dot一直在Hershey的雷达上多年，但是只有在最后两个小吃和Sweets Maker才将更多的关注点关注新贵品牌。她说，与市场上的其他椒盐脆饼相比，她的“好时”还被Dot的“强烈风味递送”所吸引，这些椒盐脆饼让人想起购物者在风味薯条中经常经历的东西。
Sales for Dot's, the third-largest pretzel brand by market share, is concentrated in the Central and Western U.S., and the brand has a strong presence in food, grocery and convenience stores. Much of its growth comes from word of mouth, and the brand has rarely spent money to market itself. Dot's also is popular with shoppers who try the product, with 56% returning to buy it again, according to Hershey.
"We love to see a brand that has high repeat purchase, but low household penetration," Buck said. "If everybody who buys it is coming back to buy it again and again, but they just haven't reached enough consumers then it's ripe for significant expansion."
Hershey also is separately purchasing Pretzels Inc. from private investment firm Peak Rock Capital, giving it access to three manufacturing locations in Indiana and Kansas used to make the salty snack for Dot's and other customers.
购买椒盐脆饼以及DOT品牌的决定将使Hershey更加灵活地随着对小吃需求的增长而增加产品产量。巴克说，当该公司对DOT进行尽职调查时，该品牌使用专有过程将特殊风味融合到Hershey想要对椒盐脆饼中的特殊风味融合在一起，尤其是在目前影响美国经济的供应链挑战的情况下。
巴克说：“我们在这里所做的是将同等的关注集中在这个奇妙的，快速增长的独特椒盐脆饼品牌上，但随后也同样关注确保我们拥有制造业知识，以支持增长。”
Dot's and Pretzels had net sales of about $275 million for the 12 months ended September 2021, according to Hershey. The combination of these two acquisitions is expected to be slightly accretive to reported earnings per share in 2023 and adjusted earnings per share in 2022.
The acquisitions are subject to customary regulatory approvals and are expected to close by the end of this year.
Dot's will play an important role in allowing Hershey to reach more consumers at more times of the day. Unlike chocolate, which is typically consumed alone or among just a few people, pretzels are popular at tailgates and parties where large groups gather.
即使在DOT的收购之后，好时说，该公司仍在寻找其他品牌（通常具有1亿美元或以上的销售额），在市场上有足够的差异，并且可以买到有希望的增长前景。当购物者转向零食代替餐点和消费者口味的变化时，这种动力是在赫尔希（Hershey）等公司成长和扩展的公司。
"The finish line is always moving," Buck said. "We see this opportunity for expansion, but we want to tackle one thing at a time and make sure we do it really well."
