Hain Celestial buys rice company for $357M

Hain Celestial Group Inc., a U.S. organic food company, said it will buy Tilda Ltd., which produces basmati rice, for about $357 million, including cash and stock, to expand its business.

Tilda generated about $190 million in sales last year and it's expected to boost Hain Celestial's adjusted earnings in the second half of fiscal 2014 by 6 cents to 10 cents per diluted share, Lake Success-based Hain said in a statement Monday.

The purchase price includes cash, stock and a loan note payable one year after the deal is completed, Hain said in a filing.

The Tilda brand offers more than 60 dry rice and ready-to-heat products to consumers in more than 40 countries including the United Kingdom, the Middle East, north Africa, continental Europe, North America and India, Hain said.

The acquisition "expands our worldwide better-for-you product portfolio into the premium basmati rice category along with other specialty rice products," Hain chief executive Irwin Simon said in the statement.

Hain Celestial was advised by Jefferies Inc. and DLA Piper, while Tilda was advised by Rothschild and Dechert LLP.