US confectionery giant Hershey Foods has agreed to sell three gum brands to privately held Farley & Sathers Candy.
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Hershey said it agreed to sell its Fruit Stripe chewing gum, Rain-Blo gum balls and Super Bubble bubble gum brands to Farley for an undisclosed sum.
The brands “have been profitable over the years, but certainly in relation to our other gum brands, they’re not market leaders, they’re not strategic,” Hershey spokeswoman Christine Dugan was quoted by Reuters as saying.
Hershey acquired the Rain-Blo and Super Bubble brands in 1996 through its purchase of Leaf. It acquired the Fruit Stripe brand in 2000 through its acquisition of Nabisco’s gum business.
Minnesota-based Farley is owned by private equity firm Catterton Partners.
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