USA: Hain Celestial Group buys remaining 51.3% of Hain Pure Protein
Hain Celestial Group has acquired the remaining 51.3% of the Hain Pure Protein Corporation (HPP) for $40 million.
Announcing the deal in statement, Hain Celestial said it had purchased the remaining amount from an affiliate of Pegasus Capital Advisors.
HPP is an antibiotic-free and organic poultry company, with products ranging from fresh and frozen Free Bird chicken and Plainville Farms turkey, to private label products in the USA.
In fiscal year 2014, HPP is expected to generate over $230 million in net sales, a double digit increase over the prior year, and is expected to be accretive to Hain Celestial's earnings in fiscal year 2015 by $0.03 to $0.05 per diluted share. Hain Celestial said it planned to continue to improve HPP's results by leveraging its sales network, marketing and administrative functions and improving productivity.
Founder/president and CEO of Hain Celestial Irwin D Simon said: “We are very excited about the strategic acquisition of HPP”.
He added: "Our joint venture has successfully grown from incubation to over $200m in net sales by focusing on antibiotic-free and organic poultry. While we have enjoyed partnering with Pegasus for many years, having Freebird chicken and Plainville Farms turkey as part of Hain Celestial's branded product portfolio provides us with a wide array of farm-to-table product offerings from fresh to deli and foodservice in a growing category that appeals to those seeking 'the pure foods trend', including our core natural and organic consumers".
Source: Hain Celestial