HERSHEY, PA. — The Hershey Co. has entered into a definitive agreement to acquire nutrition bar maker One Brands, L.L.C. for $397 million, or approximately $325 million net of tax benefits.

Founded in 1999 by Ron McAfee, One Brands features a portfolio of nutrition bars that provide 20 grams of protein and contain 1 gram of sugar per bar. The bars are certified gluten-free and come in flavors such as pumpkin pie, cinnamon roll, chocolate chip cookie dough and white chocolate truffle. One Brands also markets a line of bars sweetened with stevia called One Basix.

Hershey said it plans to expand the existing One Brands business by leveraging its capabilities in sales and distribution, category management and e-commerce.

One Brands will complement Hershey’s Oatmega business, which the company acquired as part its Amplify Snack Brands purchase in 2018. Hershey expects the One Brands acquisition to be slightly accretive to earnings in the first full year following closing.

“One’s portfolio of great tasting nutrition bars, with indulgent flavors such as birthday cake, maple glazed donut and peanut butter pie, will be a strong strategic fit within our overall innovative snacking powerhouse vision,” said Mary Beth West, chief growth officer for Hershey. “Our beloved confection brands will continue to be the engine that drives our business while we broaden our better-for-you portfolio, offering more snacking choices for more consumers.”

The transaction is set to close in the fourth quarter of 2019.