Tapping into the rapidly growing meat snacks category and expanding into the broader snacks space, the Hershey Company has entered into an agreement to acquire KRAVE Pure Foods, Inc., manufacturer of KRAVE jerky, an all-natural snack brand of premium jerky products. Financial terms were not disclosed.

“KRAVE jerky is a great fit to our portfolio and overall snacks and adjacencies strategy,” said Michele Buck, president, North America, The Hershey Company. “The KRAVE brand delivers on portable and protein nutrition while also understanding consumers’ food preferences, including the desire for simple ingredients and transparency, something that is also a part of Hershey’s strategic vision.”

Founded in 2009 by Jonathan Sebastiani, the company is now a mayjor player in premium jerky, the fastest-growing sub-segment of the estimated $2.5 billion U.S. meat snacks category.

“An important focus of KRAVE jerky’s business strategy is to push the boundaries within our category and to stay on top of ever-changing consumer needs. Joining the Hershey family will extend our resources for innovation and expand KRAVE jerky’s presence in the larger healthy snacking category,” said Mr. Sebastiani.

The overall meat snacks category is growing at a double-digit pace, with a compounded annual growth rate of about 10% from 2010-2014. The better-for-you, premium subset of the category increased at a rate of almost four times greater than mainstream brands.

Hershey intends to leverage its supply chain capabilities, consumer insights and retail relationships to accelerate growth and access to KRAVE products. Hershey plans to operate KRAVE as a standalone business within its Hershey North America division. KRAVE Pure Foods, Inc., has generated approximately $35 million in net sales over the last 12 months and was named to Forbes 2015 "America’s Most Promising Companies" list.