Hain Celestial: deepens position in snacking category

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 it has entered into an agreement to acquire «That’s How We Roll», the producer and marketer of «ParmCrisps» and «Thinsters», two fast-growing, better-for-you brands offering delicious, convenient products that are consumer favourites from Clearlake Capital Group. The acquisition deepens Hain’s position in the snacking category and represents a significant step in establishing Hain as a high-growth, global healthy food company.

With the mission to make the world heathier, tastier and a little more fun, the two brands are delicious, better-for-you brands composed of simple ingredients that consumers can find in their kitchen: on the one hand high-protein, low carb cheese crisps and snack mixes («ParmCrisps»), on the other hand crispy thin cookies made from high-quality, non-GMO ingredients («Thinsters»). All products are available in a variety of flavours.

«The two brands are optimally positioned to benefit from consumer preferences for clean-label and high-protein snacks,» said Mark Schiller, President and Chief Executive Officer of Hain. «Both brands have created loyal followings by being true to their unique value propositions. We are excited to welcome them to the Hain family and support the brands’ next chapter as part of our growing snacking platform.»

«We are absolutely thrilled to be joining the Hain family,» said Sammy Kestenbaum, CEO of That’s How We Roll. «We believe the wealth of experience and resources of the team at Hain will allow us to reach even more consumers with our simple and delicious, better-for-you snacks.»

«We have been proud to sponsor the two brands to execute on a vision of scaling a better-for-you snack platform to meet the demands of today’s health conscious, informed consumers,» said José E. Feliciano, Co-Founder and Managing Partner, and Arta Tabaee, Managing Director, of Clearlake Capital Group. «Given our previous experience with Hain Celestial, who acquired our former portfolio company World Gourmet / Sensible Portions in 2010, we believe the two brands have found a perfect home, and we look forward to the brands’ continued success under Hain.»

The total purchase price is approximately USD 259 million, subject to an adjustment for working capital, and will be financed with borrowings under Hain’s revolving credit facility. That’s How We Roll generated approximately USD 108 million of net sales for the 12 months ended September 30, 2021 and is expected to generate mid-teens net sales growth in calendar year 2022. The acquisition is expected to be slightly accretive to Hain’s Adjusted Ebitda in fiscal year 2022 after making investments in the target brands and accretive in fiscal year 2023 with margins in line with Hain’s existing snacks business. The acquisition is subject to customary closing conditions, including regulatory approvals, and is expected to close by the end of calendar year 2021.

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