Hain Celestial Group Inc., a Lake Success-based organic and natural products company, has acquired the remaining interest in its New Oxford, Pennsylvania-based organic and antibiotic-free poultry producer.
Hain Celestial purchased the remaining 51.3 percent of Hain Pure Protein Corp. for $40 million from an affiliate of Pegasus Capital Advisors, L.P. With the acquisition, Hain Pure Protein is now a wholly-owned subsidiary of Hain Celestial.
Hain Pure Protein, which produces fresh and frozen FreeBird chicken and Plainville Farms turkey, is expected to generate over $230 million in net sales in 2014, a double digit increase over the prior year, according to Hain Celestial officials. The poultry is sold to grocery stores and food service customers, including fast-casual and fine restaurants.
Formed in 2005, Hain Pure Protein was a joint venture between Hain Celestial and Pegasus, a private equity fund manager based in Cos Cob, Connecticut. Hain Pure Protein owns a 19 percent interest in Empire Kosher Poultry, based in Mifflintown, Pennsylvania.
"We view HPP's product offerings as a complement to our existing product portfolio and a platform from which we can expand our snacks and other Hain Celestial's product offerings into food service," said Irwin Simon, founder and CEO of Hain Celestial.
Other Hain Celestial brands include Celestial Seasonings, Earth's Best, Terra and Spectrum.