Hain Celestial Closes on UK Acquisition
The Hain Celestial Group (NASDAQ: HAIN) today announced the closing of the acquisition of Premier Foods plc's portfolio of market-leading packaged grocery brands including Hartley's®, Sun–Pat®, Gale's®, Robertson's®, and Frank Cooper's®—with peanut butter, honey, jams, fruit and jelly, marmalade and chocolate product offerings—along with its Histon manufacturing base in Cambridgeshire, United Kingdom.
The acquisition is expected to be accretive to Hain Celestial's earnings beginning with the second quarter of fiscal year 2013. The Company estimates that net sales during the eight month period from closing to June 30, 2013 will approximate $180 million with accretion in earnings per diluted share during that period approximating $0.25 before acquisition related charges. Consideration consisted of £170 million in cash and 836,426 shares of Hain Celestial common stock.
The business being acquired generated over $250 million in sales in its last fiscal year, of which approximately 60% were branded products, and will become part of the Hain Daniels Group. Hain Daniels Group,