Hain Celestial Group Inc., an organic and natural products company headquartered in Lake Success, New York, has entered into a definitive agreement to sell all equity interest in Hain Pure Protein, which includes the FreeBird and Empire Kosher businesses, to Aterian Investment Partners III LP for $80 million, subject to adjustments. The transaction is expected to close before June 30, the end of the company’s fiscal year.
“We are pleased to have entered into an agreement for the sale of our remaining Hain Pure Protein businesses,” said Mark L. Schiller, president and CEO of Hain Celestial. “This divestiture is another step forward in simplifying our organization aligned with our transformational strategic plan as we aggressively pursue margin enhancing initiatives to fuel long-term sustainable growth and profitability. We expect the sale of Hain Pure Protein to also help improve our balance sheet as we generate cash from the sale with which we plan to use in part to pay down debt. We believe these non-core brands will generate better results under the ownership of an organization that is focused on the protein category.”
The Hain Celestial Group is an organic and natural products company with operations in North America, Europe, Asia and the Middle East.
Aterian Investment partners with middle market businesses possessing strong, proven franchises. The company’s portfolio includes turnarounds, under-performers, distressed situations, non-core assets and other unique investment situations. The company looks for opportunities where a refined operational focus and fresh liquidity can help strengthen an enterprise and create long-term value for all stakeholders.