US/UK: Hain Celestial acquires Tilda rice business
Tilda joins Hain Celestial stable
US natural and organic food group Hain Celestial has acquired premium Basmati rice manufacturer Tilda Ltd.
The company owns the Tilda, Akash Basmati and Abu Shmagh brands and operates in over 40 countries, principally the UK, Middle East, North America, Europe and India.
During 2013, Tilda generated net sales of about US$190m. The acquisition is expected to add US$0.06-0.10 per share to Hain's EPS in the back half of its fiscal, the company said.
"We are very excited by the strategic acquisition of Tilda, which expands our worldwide better-for-you product portfolio into the premium Basmati rice category along with other specialty rice products. We plan to grow the Tilda brand further using our existing solid distribution platform in the United States, Canada and Europe with Basmati and ready-to-heat rice product offerings," said Irwin Simon, Hain Celestial founder and CEO.
The financial details of the transaction were not disclosed.
Click here for just-food's analysis of the deal.
Hain Celestial Announces Accretive Strategic Acquisition
Acquires Tilda®, A Leading Global Rice Brand
Expands Branded Grocery Product Offerings into Middle East, North Africa and India and Further into Specialty Ethnic Channels
LAKE SUCCESS, N.Y., Jan. 13, 2014 /PRNewswire/ -- The Hain Celestial Group, Inc. (NASDAQ: HAIN), a leading organic and natural products company providing consumers with A Healthier Way of Life(TM), today announced the acquisition of Tilda Limited ("Tilda"), a leading premium 100% branded Basmati and specialty rice products company. The Tilda brand offers a range of over 60 dry rice and ready-to-heat branded products under the names Tilda®, Akash® Basmati and Abu Shmagh® to consumers in over 40 countries, principally in the United Kingdom, the Middle East and North Africa ("MENA"), Continental Europe, North America and India.
In calendar year 2013, Tilda generated approximately $190 million in net sales and is expected to be accretive to HainCelestial's adjusted earnings in the second half of fiscal year 2014 by $0.06 to $0.10 per diluted share.
Tilda, which was founded by the Thakrar family in 1972, has been credited with being the first company to bring Basmati rice to the Western World. Basmati rice can only be grown in the Himalayan foothills and is known for its unique aroma and distinctive nutty taste. Tilda Basmati rice is rich in nutrients and natural fiber, gluten-free and does not contain genetically modified ingredients ("GMOs").
"We are very excited by the strategic acquisition of Tilda, which expands our worldwide better-for-you product portfolio into the premium Basmati rice category along with other specialty rice products. We plan to grow the Tilda brand further using our existing solid distribution platform in the United States, Canada and Europe with Basmati and ready-to-heat rice product offerings," said Irwin D. Simon, Founder, President and Chief Executive Officer of Hain Celestial. "Additionally, Tilda's existing, fast-growing markets in MENA and India provide us with new markets for expansion of our global brands including Earth's Best®, Ella's Kitchen®, Celestial Seasonings®, Terra®, Rice Dream® and Almond Dream®, to name a few."
"We welcome Rohit Samani, Managing Director--UK, and his team of sales, marketing, operations and finance professionals, including Bob Bailie, Sunil Bhanji, Umesh Parmar and Lesley Woodward, who collectively have over 100 years of experience at Tilda. Rohit and his team will be responsible for Tilda and our growth into these new markets," continued Irwin Simon.
Shilen Thakrar of the founding family said, "Over the past 40 years, my family has grown Tilda into a globally recognized food brand with premium positions in multiple markets around the world. We have an enviable reputation for continuous innovation and, over the years, have brought many successful new products to the market."
"The global market for Basmati rice has grown strongly over the last several years. At the same time, the growth in the ready-to-heat market has also been strong. We believed Tilda needed to align with a company with the full resources, size and scale of Hain Celestial and its global platform of products in order to realize the full worldwide potential of our rice brands. We are delighted to entrust our family's business into the capable hands of Irwin Simon and his team at HainCelestial," continued Shilen Thakrar.
"Tilda is an important part of Hain Celestial's worldwide expansion to offer organic and natural products to a global consumer base as we continue to strive to "Change the Way the World Eats" with nutritious product offerings," concluded Irwin Simon.
Hain Celestial was advised by Jefferies Inc. and DLA Piper on the transaction. Tilda was advised by Rothschild and Dechert LLP.
Original source: Hain Celestial
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