The transaction will enable Hershey's to propel its growth in the BFY space and work with retailers to develop new products, the company said. Lily's was launched by Cynthia Tice in 2012 at Whole Foods Market stores across the US with four varieties of chocolate style bars. Over the years other major retailers started to carry the products, including Target stores. "Cynthia had a vision that consumers wanted a better-for-you option in confections and today 80% of adults want to cut back on their sugar intake," the CEO of Lily's, Jane Miller, said in a statement. "By joining the Hershey's family of brands, Lily's will become a platform confection brand making BFY options easily accessible to all consumers." The sale is projected to close in the next several months. Major chocolate manufacturing companies have announced plans in recent years to cut sugar in their products in response to shifting consumer preferences and lifestyles.