The Hershey Company has entered into a definitive agreement to acquire ONE Brands, LLC, the maker of low-sugar, high-protein nutrition bars. The acquisition is expected to enable Hershey to provide a competitive offering in the nutrition bar category.

ONE Brands purchase price is $397 million, and the transaction is expected to close in the fourth quarter of 2019, subject to customary regulatory approvals and other closing conditions.

ONE Brands will complement Hershey’s existing Oatmega business, which was acquired as part of the 2018 acquisition of Amplify Snack Brands, Inc., and its recent investment in FULFIL Holdings Ltd., a European baker of vitamin-fortified, high-protein bars. Hershey plans to expand the existing ONE Brands offerings by leveraging its core capabilities in sales and distribution, category management and digital commerce.

“ONE’s portfolio of great tasting nutrition bars, with indulgent flavors such as Birthday Cake, Maple Glazed Doughnut and Peanut Butter Pie, will be a strong strategic fit within our overall innovative snacking powerhouse vision,” says Mary Beth West, Hershey’s chief growth officer. “Our beloved confection brands will continue to be the engine that drives our business while we broaden our better-for-you portfolio, offering more snacking choices for more consumers.”

“We’re proud of the brand we built and look forward to continuing to build on our momentum with the strength and capabilities that Hershey can provide,” says Ron McAfee, founder, ONE Brands, LLC.

“Our consumer proposition, brand equity and team provide us with confidence, especially when combined with an industry leader like Hershey,” says Peter Burns, CEO, ONE Brands, LLC.

ONE Brands, formerly known as Oh Yeah! Nutrition, was founded in 1999 by Ron McAfee. The company, currently backed by Cavu Venture Partners, has roots in sports nutrition and has always been a high-protein snack bar pioneer with a singular mission: exceptional taste, texture and ingredients with zero compromises and even fewer regrets.