Hain Celestial completes strategic acquisition in the UK
MELVILLE, N.Y. – The Hain Celestial Group, a natural and organic products company, announced Monday the closing of the acquisition of Premier Food's portfolio of packaged grocery brands and its Histon manufacturing based in Cambridgeshire, United Kingdom.
"This acquisition furthers our goal to expand in the United Kingdom, and positions the newly expanded Hain Daniels business in the top 40 of all food and beverage suppliers in the U.K.," said Irwin Simon, founder, president and CEO of Hain Celestial.
The acquisition is expected to be accretive to Hain Celestial's earnings beginning in the second quarter of fiscal year 2013. The company expects that net sales during the eight month period from closing to June 30, 2013 will approximate $180 million, with accretion in earnings per diluted share during that period approximating $0.25 before acquisition-related charges.
Premier Food, which includes such brands as Hartley's, Gale's and Robertson's, generated more than $250 million in sales in its last fiscal year, of which approximately 60% were branded products. The acquisition will become part of the Hain Daniels Group, a portfolio wholly owned by Hain Celestial that includes such food brands as New Covent Garden Soup Co., Johnson's Juice Co. and Lovetub.
"Our mission at Hain Daniels is to offer our customers and the consumer relevant, convenient, inspiring and innovative branded fruit and vegetable solutions for a wide variety of consumption occasions. We believe creating an ambient grocery division through the acquisition and integration of these Premier Foods brands with its experienced workforce will strengthen this proposition," said Hain Daniels CEO Rob Burnett.