HOME > ABOUT US > TRANSACTIONS > TRANSACTION DETAIL Houlihan Lokey Advises Lily’s Sweets Houlihan Lokey’s Consumer, Food & Retail Group is pleased to announce that Lily’s Sweets LLC (Lily’s), a portfolio company of VMG Partners (VMG), has been acquired by The Hershey Company (Hershey). The transaction closed on June 25, 2021. Founded in 2012 by co-founder Cynthia Tice in Philadelphia, Pennsylvania, Lily’s is a high-growth, better-for-you (BFY) confectionery brand. Lily’s low-sugar products include dark and milk chocolate style bars, baking chips, peanut butter cups, and other confection products. Based today in Boulder, Colorado, Lily’s traces its roots to Cynthia’s decision to raise awareness about better-for-you foods by opening Center Foods, a natural foods store in Philadelphia, in 1978. In 2012, Cynthia launched four Lily’s chocolate bars nationally in Whole Foods Market, and today the expanded line of bars, baking chips, and other confections can be found across the country at all key retailers. The brand’s mission is to offer consumers a range of great-tasting, low sugar treats. VMG Partners is focused on partnering with entrepreneurs and managers to support the growth and strategic development of leading branded consumer product and technology companies. VMG currently invests through its Growth and Catalyst funds. Since its inception in 2005, VMG has provided financial resources and strategic guidance to drive growth and value creation in over 40 companies. The Hershey Company is headquartered in Hershey, Pennsylvania, and is an industry-leading snacks company known for bringing goodness to the world through its iconic brands, remarkable people, and enduring commitment to help children succeed. Hershey has approximately 17,000 employees around the world who work every day to deliver delicious, quality products. The company has more than 90 brands around the world that drive more than $8 billion in annual revenues, including such iconic brand names as Hershey's, Reese's, Kit Kat®, Jolly Rancher, Ice Breakers, SkinnyPop, and Pirate's Booty. This deal represents another successful transaction for Houlihan Lokey in the food and beverage industry. VIEW ALL TRANSACTIONS Use of cookies by HL.com We use cookies to deliver our online services. Details and instructions on how to disable those cookies are set out here. By continuing to use this website you agree to our use of our cookies unless you have disabled them. I understand, hide this message. SERVICES Corporate Finance Mergers and Acquisitions Capital Markets Private Funds Advisory Board Advisory Services Financial Restructuring Financial and Valuation Advisory Portfolio Valuation and Fund Advisory Transaction Opinions Corporate Valuation Advisory Services Transaction Advisory Services Real Estate Valuation and Advisory Dispute Resolution Consulting INDUSTRY COVERAGE Business Services Consumer, Food, and Retail Data and Analytics Energy Financial Institutions Healthcare Industrials Real Estate, Lodging, and Leisure Technology, Media, and Telecom Financial Sponsors Coverage ABOUT US Transactions Insights Newsroom Events Social Commitment Careers Follow us Global AmericaAustraliaChinaDubaiFranceGermanyHong Kong SARItalyJapanNetherlandsSingaporeSpainUnited Kingdom © 2021 Houlihan LokeyTerms of Use and Legal NoticesPrivacyCookies PolicyCalifornia Consumer Privacy Request