Hain Celestial Group Acquires Daily Bread
Daily Bread generated approximately 12 million pounds Sterling (or $24 million) in continuing sales in its last fiscal year. Terms of the acquisition, which closed yesterday, were not disclosed.
02/04/08 The Hain Celestial Group, Inc., a leading natural and organic food and personal care products company, has acquired of Daily Bread, Ltd., a London-based producer of branded fresh prepared foods for the foodservice channel in the United Kingdom.
"Building upon the foundation established by our entry into the United Kingdom nearly two years ago, Daily Bread strengthens our existing prepared foods operation with a branded fresh platform, primarily serving the United Kingdom market," said Irwin D. Simon, President and Chief Executive Officer of The Hain Celestial Group. "We're pleased to be joined by Timothy J. Roupell, founder of Daily Bread over 20 years ago, as Executive Director- Daily Bread, who will report to David Arrow, Managing Director-Hain Celestial UK. Tim will further the efforts of Hain Celestial UK's team in delivering a broad-based fresh prepared foods offering to capitalize on the growth opportunities that exist in this category. We're excited about the potential to expand our fresh branded products in the United Kingdom and in Europe with additional offerings and to increase the sales of our other branded grocery and snacks products in the foodservice and grocery channels."
Daily Bread is an accredited supplier to Buckingham Palace, museums, sporting establishments, companies and event caterers, and since 2003, Daily Bread has held a Royal Warrant, by Appointment to Her Majesty the Queen.
Daily Bread generated approximately 12 million pounds Sterling (or $24 million) in continuing sales in its last fiscal year. Terms of the acquisition, which closed yesterday, were not disclosed. The transaction is expected to be accretive to Hain Celestial's earnings during its fiscal year 2009.
"The addition of Daily Bread branded fresh products allows us to expand our fresh operations across the United Kingdom and Europe, as more and more consumers seek out healthful, "on-the-go" eating solutions. With this acquisition, Hain Celestial has created a global, branded fresh strategy with the ability to develop fresh lines for the Linda McCartney meat-free brand and healthy branded fresh meals for children," concluded Irwin Simon.
Hain Celestial now provides the European market with natural and organic products including:
• Fresh products from Daily Bread and Luton in the United Kingdom and from Grains Noirs in Belgium;
• Frozen meat-free products from Linda McCartney and Realeat in the United Kingdom;
• Grocery and Snacks products from Lima throughout Europe;
• Non-dairy beverages from Rice Dream, Soy Dream, Natumi and Granose throughout Europe; and
• Hain Celestial global brands-Celestial Seasonings, Terra and Earth's Best throughout Europe.
