Krave jerky, the popular culinary meat snacks brand, has undergone some changes since its inception. One significant development in the brand's journey is its acquisition by Sonoma Brands. However, before delving into the specifics of this recent acquisition, let's take a look at the brand's history.
Krave jerky was initially founded in 2009 by Jon Sebastiani, a wine entrepreneur with a passion for food. The brand quickly gained recognition for its innovative approach to jerky, offering unique flavor profiles and using high-quality ingredients. This distinctiveness set Krave apart from traditional jerky brands, making it a favorite among consumers seeking a more refined snacking experience.
In 2015, Krave jerky caught the attention of the U.S. chocolate giant, Hershey. The confectionery company saw the potential in the growing meat snacks market and acquired Krave for a substantial sum of $218.7 million. This acquisition was seen as a strategic move for Hershey, allowing them to diversify their product portfolio and tap into the burgeoning demand for healthier snacks.
Under Hershey's ownership, Krave jerky continued to expand its reach and gain popularity. The brand secured nationwide distribution and introduced new flavors to cater to a wider range of consumer preferences. However, in 2017, Hershey decided to create a new division called “Hershey Amplify Snack Brands” to consolidate its snack offerings, which included Krave jerky.
Fast forward to 2021, and we see a new development in the Krave jerky story. Sonoma Brands, a consumer products incubator and venture fund, has acquired Krave back from Hershey. The terms of this transaction have not been disclosed, but it marks a significant shift in ownership for the brand.
Sonoma Brands, led by Jon Sebastiani, the original founder of Krave, aims to bring Krave back to its roots as an independent brand. This move highlights the strategic vision of Sonoma Brands and their confidence in the potential of Krave jerky. By reclaiming ownership of the brand, Sonoma Brands can now focus on revitalizing and reinvigorating Krave's position in the market.
The acquisition by Sonoma Brands provides an opportunity for Krave jerky to once again establish its unique identity and build on its initial success. With Jon Sebastiani at the helm, the brand can leverage his entrepreneurial expertise and passion for food to drive innovation and growth.
Krave jerky has experienced various transformations throughout its journey. From its humble beginnings as an independent brand to its acquisition by Hershey and subsequent repurchase by Sonoma Brands, Krave has proven its resilience and ability to adapt to changing market dynamics. The recent acquisition by Sonoma Brands holds promise for the future of Krave jerky, as it seeks to reclaim its position as a leader in the culinary meat snacks industry.