Hain Celestial Affiliate Hain Pure Protein Completes Sale of Kosher Valley Brand
The sale was previously announced by Hain Celestial on May 5, 2010. Under the terms of the transaction, HPP received an equity interest in Empire as consideration for its Kosher Valley ownership.
20 May 2010 --- The Hain Celestial Group, Inc., a leading natural and organic products company providing consumers with A Healthy Way of Life, has announced that Hain Pure Protein Corporation ("HPP"), a joint venture between Pegasus Capital Advisors, L.P. and Hain Celestial, has sold its Kosher Valley brand of certified kosher antibiotic-free chicken and turkey to Empire Kosher Poultry, Inc. The sale was previously announced by Hain Celestial on May 5, 2010. Under the terms of the transaction, HPP received an equity interest in Empire as consideration for its Kosher Valley ownership.
"We are pleased that Kosher Valley has been acquired by Empire, a premier brand in kosher poultry, which will expand the breadth of its product lines and distribution reach," said Irwin D. Simon, President and Chief Executive Officer of Hain Celestial and a Director of HPP. "It's great for HPP to join forces with Empire, as Kosher Valley will benefit from Empire's production capabilities and reputation for delivering high-quality products to a broad market. At the same time, the antibiotic-free chicken and turkey product lines of HPP are experiencing good growth, as consumers choose poultry over red meat." Irwin Simon and Rodney Cohen of Pegasus are expected to become directors of Empire.
During the nine months ended March 31, 2010, Kosher Valley incurred losses, which had the effect of reducing Hain Celestial's diluted earnings by $0.04 per share, and therefore Hain Celestial expects the sale is expected to be accretive by approximately $0.05 to Hain Celestial's future annual earnings.