Hain Celestial Announces the Strategic Acquisition of Daniels Group; Raises Annual Guidance
The Hain Celestial Group, Inc. (NASDAQ: HAIN) today announced the acquisition of Daniels Group in the United Kingdom.
Daniels Group generated sales of approximately $280 million in its last fiscal year. Consideration in the transaction, which closed today, consisted of cash at closing amounting to approximately $230 million, which is net of a preliminary working capital adjustment. Cash used in the transaction was drawn under the Company's existing credit facility. Daniels was previously owned by SATS Ltd., a leading provider of gateway services and food solutions in Singapore, which is listed on the Singapore Exchange.
The Company updated its annual guidance to reflect the Daniels acquisition and its recent acquisition of Europe's Best® in Canada. Before reflecting any synergies, the Company expects to achieve:
Net sales of $1.455 billion to $1.480 billion in sales
Earnings of $1.63 to $1.73 per diluted share
