Dot’s Pretzels, LLC and Pretzels, LLC d/b/a Pretzels Inc. acquired by The Hershey Company
The Hershey Company acquired Dot’s Pretzels, LLC and Pretzels, LLC d/b/a Pretzels Inc., a US pretzels and salty snacks; snack manufacturing brand, on Dec 14, 2021.
Preliminary: The EV/EBITDA is not yet independently verified.
Transaction summary
- Target
- Dot’s Pretzels, LLC and Pretzels, LLC d/b/a Pretzels Inc.
- Acquirer
- The Hershey Company
- Seller
- -
- Announced
- 2021-11-10
- Completed
- 2021-12-14
- Geography
- United States
- Type
- Acquisition
- Deal type
- Control
- Stake acquired
- -
- First added
- 2026-10-04
- Latest update
- 2026-10-31
Value and multiples
100% enterprise value
USD 1.2B
100% enterprise value | USD
Basis: Public source
Reported price is assumed to be 100% EV unless stated otherwise. Partial-stake estimates are qualified in the basis notes.
EV / revenue
4.36x
Period: 12 Months Ended September 2021
Basis: Derived from source data
EV / EBITDA
15.4x
Unverified
EBITDA: normalised / adjusted
Basis: Estimated
Amounts paid and other reported values
Original reported amounts and bases; a stake payment is distinct from the estimated whole-company valuation.
Consideration: USD 1.2B
Issuer-reported combined purchase price; approximately $1 billion is separately described as investment net of expected future tax benefits.
Basis
- The reported $1.2 billion combined purchase price is used as the whole-company enterprise value; no debt/cash bridge is disclosed. The announcement reports estimated aggregate net sales of $275 million for the combined businesses for the 12 months ended September 2021; $1.2 billion / $275 million gives 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 figure. 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.
Other reviewed estimates
Earlier estimates and their sources.
Source summary
Hershey Announces Intent to Acquire Dot’s Homestyle Pretzels and Pretzels Inc.
ConfirmedThe total purchase price for these two proposed acquisitions is approximately $1.2 billion
Open sourceThe Hershey Company 2021 Form 10-K
ConfirmedPretzels and Dot’s are expected to generate aggregate annualized net sales over $300 million.
Open sourceHershey Completes Acquisition of Dot’s Pretzels and Pretzels Inc.
ConfirmedThe combined purchase price was $1.2 billion
Open sourceThe Hershey Company 8-K, filed 2025-10-30
ConfirmedAcquisition of Dot’s Pretzels, LLC by The Hershey Company.
Open sourceThe Hershey Company 8-K, filed 2025-10-30
ConfirmedDuring the third quarter of 2024, we incurred costs related to the 2023 acquisition of two manufacturing plants from Weaver Popcorn Manufacturing, Inc., and the integration of the 2021 acquisitions of Dot’s Pretzels, LLC and Pretzels Inc. into our North America Salty Snacks segment.
Open sourceThe Hershey Company 8-K, filed 2025-10-30
ConfirmedHERSHEY CO MPANY (Exact name of registrant as specified in its charter)
Open sourceThe Hershey Company 8-K, filed 2025-10-30
ConfirmedAcquisition of Pretzels Inc. by The Hershey Company.
Open sourceContinue your research
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