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December 13, 2021

Hain Celestial returns to acquisitions with deal for US snack maker That’s How We Roll

The deal for That’s How We Roll is Hain Celestial’s first acquisition for four years.

Hain Celestial, which has offloaded a series of assets in recent years in a bid to sharpen its focus and improve its growth profile, has snapped up US snacks business That’s How We Roll.

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Owned by private-equity firm Clearlake Capital since 2016, That’s How We Roll, which has a factory in York in Pennsylvania, markets snacks under the ParmCrisps and Thinsters brands.

Hain Celestial has agreed to pay US$259m for That’s How We Roll. The company said today (13 December) the acquisition of That’s How We Roll and its “better-for-you” brands was “a significant step in establishing Hain as a high-growth, global healthy food company”. Hain Celestial’s own snack brands include Garden of Eatin’ and Terra.

Financial terms were not disclosed. Hain Celestial president and CEO Mark Schiller added: “ParmCrisps and Thinsters are optimally positioned to benefit from consumer preferences for clean-label and high-protein snacks. Both brands have created loyal followings by being true to their unique value propositions.”

When Schiller took the reins at New York-based Hain Celestial in 2018, he set out a plan to focus on the more profitable areas of the business at the expense of volume-driven gains, while continuing the efforts of his predecessor in eliminating underperforming SKUs to drive higher margins and profits. “Going forward, we will be smaller, less complex and more efficient,” Schiller said in the early part of 2019.

Hain Celestial has made a number of disposals, selling off businesses including its Dream and WestSoy brands and UK-based fruit supplier Orchard House this year.

Last year, the company offloaded French organic business Danival and the organic bakery brand Rudi’s.

In 2019, asset sales included UK-based rice supplier Tilda and its US protein division, including US turkey producer Plainville Farms.

According to Just Food data, Hain Celestial’s last announced acquisition was in 2017 when it bought UK syrup supplier Clarks.

Clearlake Capital announced its acquisition of That’s How We Roll in March 2016. At the time, the private-equity firm said it had bought control of the snacks maker from founder, CEO and majority shareholder Aldo Zuppichini, who kept “a significant equity stake” in the business.

The private-equity firm said That’s How We Roll had seen revenues grow by “circa six times” under its ownership, without providing further details.

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What’s missing from your IPO industry assessment?

IPO activity all but stopped in 2020, as the investment community grew wary of the effects of COVID-19 on economies. No matter how deserving a business was of flotation, momentum was halted by concerns of when a ‘new normal’ of working patterns and trade would set in. Recently, sentiment has changed. Flotations picked up again during the second half of 2021, and now in 2022 the mood is decidedly optimistic. Business leaders have their eyes on fast rebounding economies, buoyant market indices and the opportunity once again to take their businesses public. As a result, global IPOs are expected to hit back this year. With GlobalData’s new whitepaper, ‘IPOs in Consumer and Retail: 5 must-include elements for your prospectus industry report’, you can explore exactly what is needed in the essential literature. GlobalData’s focus lies in the critical areas to get right:
  • Macroeconomic and demographic environment
  • Consumer context
  • Industry environment
  • Competitive environment
  • Route to market
Interested to learn more about what to include in your IPO Industry Assessment report? Download our free whitepaper.
by GlobalData
Enter your details here to receive your free Report.

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