Dot’s Pretzels, LLC and Pretzels, LLC d/b/a Pretzels Inc. acquired by The Hershey Company

Basis

• USD 1.2bn enterprise value is treated as publicly disclosed or derived directly from public source data.
• Valuation covers 100% of the target; the amount invested or paid for a stake is separate.
• Implied EV / revenue is 4.36x, calculated from USD 1.2bn value and USD 275m revenue.
• Revenue and multiple inputs are not fully disclosed in public transaction materials reviewed; treat the multiple as an estimate.
• The reported combined purchase price is treated as whole-company enterprise value under FCR-211; no debt/cash bridge is disclosed. The announcement reports estimated aggregate net sales of $275 million for the 12 months ended September 2021; dividing the reported $1.2 billion combined price by that same-scope sales figure gives an estimated 4.36x EV/revenue. Hershey’s 2021 annual report separately forecasts aggregate annualized net sales over $300 million for Dot’s and Pretzels; this is a forecast, not the September 2021 actual-period metric. The release’s approximately $1 billion net of expected future tax benefits is not substituted for the purchase price. No supported EBITDA figure or multiple is available. Derived from $1.2 billion reported combined purchase price divided by issuer-estimated $275 million aggregate net sales for the 12 months ended September 2021; both cover the combined businesses. Issuer-estimated aggregate net sales for the combined businesses; the annual report separately forecasts aggregate annualized net sales over $300 million.