Hain Celestial Juice Sold to Multiple Marketing
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Hain Celestial Juice Sold to Multiple Marketing
Transaction
Overview
Spayne Lindsay is delighted to announce that it has advised Hain Celestial on the disposal of its freshly squeezed fruit juice business including the related Headcorn facility and to Multiple Marketing Ltd (Sunmagic Juices)
The Hain Celestial Group, Inc., a leading organic and natural products company with operations in North America, Europe and India providing consumers with A Healthier Way of Life, today announced the acceptance by the Competition and Markets Authority ("CMA") of Hain Celestial's undertaking to sell its own-label freshly squeezed fruit juice business including the related Headcorn facility and the approved sale of the business to Multiple Marketing Ltd. The own-label juice business generated approximately $20 million in net sales for year ended June 30, 2016.
"We are excited to receive the acceptance of our undertaking to sell our own-label freshly squeezed fruit juice business from the CMA. Under Hain Celestial United Kingdom we look to expand our presence in the on-trend fresh category with prepared fruit, drinks and desserts under the leadership of James Skidmore, Chief Executive Officer," said Irwin D. Simon, Founder, President and Chief Executive Officer of Hain Celestial.
"With the completion of the CMA review, we expect to deliver sales and operating efficiencies with the integration of Orchard House into Hain Celestial United Kingdom and seek new product development in cold pressed juice and branded fruit product offerings in the United Kingdom and Continental Europe."
On December 22, 2015, Hain Celestial announced the acquisition by Hain Celestial United Kingdom, through one of its wholly-owned subsidiaries, of Orchard House Foods Limited ("Orchard House"), a leader in prepared fruit, juices, fruit desserts and ingredients with facilities in Corby and Gateshead in the United Kingdom. On May 17, 2016, the CMA announced that the acquisition gave rise to a loss of competition and would be referred to a more in-depth review unless an acceptable undertaking was offered to address the concern.
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