Krave protein snacks sold to Sonoma
Jon Sebastiani, Sonoma founder and managing partner, launched Krave in 2009 before selling the brand to Hershey’s in 2015
Sonoma Brands, the growth equity firm led by Jon Sebastiani, has acquired protein snacking brand Krave Pure Foods from The Hershey Company. The financial terms of the transaction have not been disclosed.
Sebastiani, Sonoma founder and managing partner, founded Krave in 2009 before selling the brand to Hershey’s in 2015.
Krave commercialises a range of protein snacks including Krave Meat Cuts, Krave Pork Rinds, and Krave Plant-Based Jerky launched in January.
Hershey chief executive, Michele Buck, told analysts during the company’s first-quarter earnings call about plans to divest the protein brand along with its artisan chocolates Scharffen Berger and Dagoba lines.
“Krave is a great brand with a loyal fanbase who appreciate its innovative gourmet flavours and culinary roots tracing back to its origins in Sonoma, California,” commented Hector de la Barreda, said at Hershey’s-owned Amplify Snack Brands.
Sonoma growth equity
San Francisco-based Sonoma was launched in 2016 to become a health, wellness and food brand growth equity platform. The firm has invested in several consumer brands and its portfolio includes Christina Tosi’s Milk Bar, Hu Products plant-based chocolate, and Guayakí Yerba Mate.
Commenting on the deal, Sebastiani said: “I have always had a great relationship with The Hershey Company and watched them grow Krave.
“From expanding Krave’s product offerings to dipping into the plant-based category and increasing worldwide distribution, Krave is in a great spot to come back home to Sonoma where we can continue the brand’s fantastic momentum as a category leader.”