US natural and organic food group Hain Celestial has snapped up yoghurt maker 3 Greek Gods for an undisclosed sum.
Hain, which has now struck three acquisitions in two months, said the purchase of 3 Greek Gods would be “immediately accretive” to earnings.
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Hain president and CEO Irwin Simon would look to expand the presence of a business that generated sales of US$10m in 2009 in the US and Canada.
“The strategic acquisition of the Greek Gods brand, a leader in Greek-style yoghurt, expands our product offerings into the yoghurt category. We believe it will provide us with the opportunity to leverage our existing brands with product extensions in the category,” Simon said.
Stephanos Margaritis, Steve Tselios and Basel Nassar, the founders of the Greek-style yoghurt business, will join Hain as general managers of the division.
Nassar said the sale of 3 Greek Gods to Hain will “open new doors” for the business.
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By GlobalData“Steadily increasing yoghurt sales indicate that in time, the United States consumption is expected to reach European consumption levels, as recently Greek [style] yogurt consumption has outperformed conventional yogurt consumption due to its pleasant taste and healthful characteristics,” Nassar said.
Hain said sales of Greek-style and speciality yoghurt had more than doubled in the last year.
The acquisition of 3 Greek Gods follows Hain’s purchase of snack maker World Gourmet Marketing.
Last month, Hain also expanded its business in the UK with the acquisition of food-to-go firm Churchill Food Products.
