Hain Pure Protein is to sell its HPPC’s Kosher Valley brand to Empire Kosher Poultry in exchange for shares in the business.
The sale by Hain Pure Protein, a joint venture between Pegasus Capital Advisors and organic food group Hain Celestial, was announced today (6 May).
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The Kosher Valley brand is expected to be produced in the Empire plant in Mifflintown, Pennsylvania.
“We are pleased that HPP has entered into a letter of intent to exchange its Kosher Valley brand and customer relationships with Empire Kosher Poultry for an equity interest in Empire,” said Irwin Simon, a director of HPP and president and CEO of Hain Celestial. “We are delighted that this combination will expand the breadth of the product lines and their distribution reach.”
Under the terms of the agreement, Simon and Rodney Cohen of Pegasus Capital Advisors are expected to join Empire’s board of directors. Other terms of the transaction were not disclosed.
“Kosher Valley will allow Empire to make strides in growing our company,” said Greg Rosenbaum, CEO of Empire Kosher Poultry. “Our combined volumes will improve operating efficiencies in our manufacturing plant, and allow us to offer much wider choice of products to consumers.”
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By GlobalDataYesterday, Hain Celestial, which holds 49% of HPP, announced that it had swung to a profit in its third quarter but cut its full-year earnings forecast.
