Lake Success / NY. (hc) The Hain Celestial Group Inc., a leading organic and natural products company with operations in North America, Europe, Asia and the Middle East providing consumers with A Healthier Way of Life, announced that it has completed the divestiture of its U.K. fruit business, including the Orchard House Foods Limited business and associated brands, to Elaghmore, a U.K. based private equity firm. Details of the transaction were not disclosed.
Mark L. Schiller, Hain Celestial’s President and Chief Executive Officer, commented, «We are pleased to complete the strategic sale of our fruit business to Elaghmore, a private equity firm focused on buying and growing U.K. businesses. The divestment of this complex, non-core asset fully aligns with our brand simplification and strategic transformation processes. By divesting this business, which was negatively impacted by the Covid-19 pandemic, the remaining Hain Celestial business will show immediate improvement in its growth rate and margins, allowing us to reinvest capital behind the strength of the remaining International platform. We remain confident in our ability to continue to improve our overall margin and cash flow profiles to fuel sustainable long-term growth and profitability.»