The Hain Celestial Group Inc., a leading organic and natural products company, announced the acquisition of the remaining 51.3% of Hain Pure Protein Corporation that it did not already own from an affiliate of Pegasus Capital Advisors L.P. 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.