Hain Celestial has taken control of its Hain Pure Protein venture from partner Pegasus Capital Advisors in a US$40m deal.
The US group has bought the remaining 51.3% in the business it did not own.
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Hain Pure Protein produces organic and antibiotic-free poultry for the US market.
“We are very excited about the strategic acquisition of HPP. Our joint venture has successfully grown from incubation to over US$200m in net sales by focusing on antibiotic-free and organic poultry,” Hain president and CEO Irwin Simon said.
Jay Lieberman, COO of HPP, will continue to be responsible for its day-to-day operations.
“We expect to deliver synergies through increased sales growth and cost efficiencies by effectively leveraging Hain Celestial’s broader scale, as we have successfully demonstrated with our previous acquisitions,” Simon added.
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By GlobalData“This is a great category for us. We view HPP’s product offerings as a complement to our existing product portfolio and a platform from which we can expand our snacks and other Hain Celestial’s product offerings into food service, and we will continue to pursue other accretive strategic acquisitions for Hain Celestial in growing categories in the natural and organic sector.”
