Report: Hershey negotiating to buy Sonoma jerky maker

Sonoma-based Krave Jerky is in late-stage talks to be acquired by chocolate maker Hershey Co., according to a report Tuesday by Reuters.

Krave is expected to be valued between $200 million and $300 million, Reuters reported, quoting unnamed sources “familiar with the matter.” The news agency said an announcement could be made as early as this week.

Krave CEO Jon Sebastiani declined comment Tuesday, as did a spokesman for Pennsylvania-based Hershey.

Sebastiani founded the Sonoma craft jerky company in 2010. A fourth-generation winemaker, he previously had served as president of Viansa Winery, which was founded by his parents, Sam and Vicki Sebastiani.

Sebastiani has said he wants consumers to rethink jerky, no longer viewing it as junk food but in the right hands as a healthy source of protein.

With flavors like sweet chipotle beef, black cherry barbecue pork and basil citrus turkey, Sebastiani’s jerky has been served on Virgin Airlines and in the corporate cafeterias of Google, Twitter and Nike. And Krave products have filled the shelves at Target, Safeway, Costco and Whole Foods.

Last year, Krave made the Inc. 5000 list for the nation’s fastest-growing companies. At the time, its revenue was reported to have grown 4,632 percent over three years to nearly $17 million in 2013.

In August, Sebastiani said Krave already had become the No. 2 jerky brand in U.S. grocery stores.

Earlier this month, Forbes magazine reported that the company’s revenues jumped to $36 million last year.

Hershey officials are slated to speak Thursday morning with stock analysts and to issue the company’s fourth quarter earnings report.

You can reach Staff Writer Robert ?Digitale at 521-5285 or robert.digitale@pressdemocrat.com. On Twitter ?@rdigit.