LAKE SUCCESS, N.Y., July 17, 2014 /PRNewswire/ -- The Hain Celestial Group, Inc. (NASDAQ: HAIN), a leading organic and natural products company providing consumers with A Healthier Way of Life™, today announced the acquisition of the remaining 51.3% of Hain Pure Protein Corporation ("HPP") that it did not already own from an affiliate of Pegasus Capital Advisors, L.P. ("Pegasus"). The purchase price of HPP was $40 million.
HPP, a leading antibiotic-free and organic poultry company, offers a full range of fresh and frozen FreeBird® chicken and Plainville Farms® turkey and private label products in the United States. In fiscal year 2014, HPP is expected to generate over $230 million in net sales, a double digit increase over the prior year, and is expected to be accretive to Hain Celestial's earnings in fiscal year 2015 by $0.03 to $0.05 per diluted share. Hain Celestial plans to continue to improve HPP's results by leveraging its sales network, marketing and administrative functions and improving productivity.
"We are very excited about the strategic acquisition of HPP. Our joint venture has successfully grown from incubation to over $200 million in net sales by focusing on antibiotic-free and organic poultry," said Irwin D. Simon, Founder, President and Chief Executive Officer of Hain Celestial. "While we have enjoyed partnering with Pegasus for many years, having Freebird chicken and Plainville Farms turkey as part of Hain Celestial's branded product portfolio provides us with a wide array of Farm to Table product offerings from fresh to deli and food service in a growing category that appeals to those seeking "the pure foods trend", including our core natural and organic consumers."
All FreeBird and Plainville Farms products carry the Earthwise® banner on packaging, which signifies humanely-raised and vegetarian-fed poultry from family farms, without the use of growth hormones or antibiotics. HPP's customers include grocery and natural foods retailers as well as food service outlets including fast casual and white tablecloth venues, which feature food that is grown sustainably and without genetically modified organisms ("GMOs").