NEW YORK (The Deal) -- Hain Celestial Group (HAIN - Get Report) will likely eye more buys of makers of personal care products after the recent announcement of its bolt-on acquisition of Belvedere International.

The Lake Success, N.Y.-based maker of natural and organic products wants to double the sales contributed by its personal care unit to between $300 million and $400 million, Hain CEO Irwin Simon noted at a recent industry conference.

Personal care constitutes 6% of Hain's roughly $2.15 billion in 2014 net sales, or close to $130 million, according to the company's regulatory filing for the fiscal year ended June 30.

He said Hain specifically could look at adding color cosmetics to its mix of offerings, for example.

Simon, however, said that Hain would be disciplined in its acquisition strategy. While Hain is capable of making large acquisitions, if multiples are too high, it could revert to its previous strategy of buying brands with a few million in sales and growing them into substantial businesses, he said.

Hain would be willing to pay around 10 times EBITDA for a growth brand, but would not pay above 20 times EBITDA, or the nine times revenue sometimes paid in recent months for companies making natural and organic products.

Simon made the comments on Feb. 17 at the Consumer Analyst Group of New York Conference held in Boca Raton, Fla. In addition to personal care, generally Hain is looking for acquisitions in Europe.

The addition of Belvedere, which includes the Live Clean personal care brand, will add about $25 million in sales, according to Feb. 20 announcement from Hain about the purchase.

Currently, Hain is the parent to personal care brands Alba Botanica, Avalon Organics, Earth's Best, Jason and Queen Helene.

Belvedere, based in Mississauga, Ontario, and the roughly 200 baby, body and hair care products the company makes, is expected to be accretive to earnings by fiscal 2016.

"This acquisition increases the scale of our Canadian operations to over $150 million in net sales and provides us with opportunities for sales expansion and cost efficiencies as we leverage our existing infrastructure in Canada and our manufacturing and research and development expertise in personal care," Simon said in the deal announcement.

"The Live Clean brand establishes a personal care base of operations in Canada for Hain Celestial, which can serve as the foundation for the continued growth of all our personal care brands and provide us with an opportunity to expand the brand beyond the Canadian mass channel," said Beena Goldenberg, president of Hain Celestial Canada, in a statement.

Belvedere was founded by Rocco Belvedere in 1981, and is family-owned. It' led by CEO Larry Romagnuolo, who will become general manager of Hain Celestial Canada personal care.

As of Dec. 31, Hain had cash and cash equivalents of about $135 million according to a regulatory filing made on Feb. 9, and long-term debt including the current portion of approximately $875 million. EBITDA was pegged at nearly $300 million for the last 12 months ended Dec. 31, according to data provided by Bloomberg.

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