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.
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.
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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.