Hershey Co has acquired a minority stake in Fulfil, the fast-growing Irish snack brand. No details of the size of the stake acquired, or its value, were disclosed.
Fulfil, founded in 2016, produces nutritional products that are high in protein and low in sugar. It has been expanding rapidly in Europe, launching in the UK last year. Sales in the company have been doubling every year and it is expected to reach the €100m mark this year, which would make it Ireland’s second-largest confectionary brand in value terms (behind Mondelez).
Fulfil is majority-owned by businessman Barry Connolly (founder of Richmond Marketing), after he bought out founders Niall McGrath and Tom Gannon last year, in a deal that valued Fulfil at about €40m.
Brian O’Sullivan, CEO of Fulfil Holding, noted: “Over the last 18 months we have built a highly capable management team and have developed an aggressive expansion strategy based on a thorough understanding of our target consumer. I am delighted that The Hershey Company with its scale and knowledge of snacking built over 125 years has seen the opportunity that FULFIL poses. Its investment will enable our expansion strategy and is an exciting milestone in what has already been the incredible journey of FULFIL.”
NAM Implications:
- Two issues:
– Is Hershey planning to build a bigger presence in Ireland/EU?
– Does Hershey see Fulfill as an option for their USA footprint? - …or both.
- Either way, one to watch…
