Acquires Live Clean® Personal Care Brand in Canada
Expands Health and Beauty Care Offerings with Diversified Line
of Baby, Body and Hair Care Products
LAKE SUCCESS, N.Y.,
Feb. 20, 2015 /PRNewswire/
-- The Hain Celestial Group, Inc. (NASDAQ: HAIN), 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 acquisition of Belvedere
International, Inc., ("Belvedere") a leader in health and beauty
care products including the Live Clean® brand with approximately
200 baby, body and hair care products as well as several mass
market brands sold primarily in Canada and manufactured in a company facility
in Mississauga, Ontario,
Canada.
"We are excited by the acquisition of the Live Clean brand,
which expands our presence in the personal care category and
complements our Avalon Organics®, Alba Botanica® and JASON® brands
that we sell into Canada. This acquisition increases the
scale of our Canadian operations to over $150 million in net sales and provides us with
opportunities for sales expansion and cost efficiencies as we
leverage our existing infrastructure in Canada and our manufacturing and research and
development expertise in personal care," said Irwin D. Simon, Founder, President and Chief
Executive Officer of Hain Celestial.
"It is with great pride that I see my family's business become
part of the esteemed Hain Celestial Group. I believe under their
stewardship the Live Clean brand will reach great heights," said
Sandra Belvedere.
The Live Clean brand is the leading natural hair care and baby
care brand in Canada. In calendar
year 2014 Belvedere had approximately $25
million in net sales and is expected to be accretive to Hain
Celestial's earnings in fiscal year 2016. Belvedere, which
was founded by Rocco Donald Belvedere in 1981, was a family-owned
company led by Larry Romagnuolo,
President and Chief Executive Officer.
"The Live Clean brand establishes a personal care base of
operations in Canada for Hain
Celestial, which can serve as the foundation for the continued
growth of all our personal care brands and provide us with an
opportunity to expand the brand beyond the Canadian mass channel,"
commented Beena Goldenberg,
President of Hain Celestial Canada.
"I am pleased the employees of Belvedere are joining Hain
Celestial Canada, who can ensure the next level of growth for the
personal care business established by my family 34 years ago, and I
look forward to working with Beena
Goldenberg and the Hain Celestial team in pursuing new
opportunities as part of a leading organic and natural products
company," said Larry Romagnuolo.
"We thank the Belvedere family for their contributions in
creating the Live Clean brand and welcome Larry Romagnuolo as General Manager Hain
Celestial Canada Personal Care, who will be responsible for the
Live Clean brand as well as our Avalon Organics®, Alba Botanica®
and JASON brands in Canada. We look forward to working with
Larry and his team to expand our personal care manufacturing in
Canada," concluded Irwin Simon.
The Hain Celestial Group, Inc.
The Hain Celestial
Group (NASDAQ: HAIN), headquartered in Lake Success, NY, is a leading organic and
natural products company with operations in North America, Europe and India. Hain Celestial
participates in many natural categories with well-known brands that
include Celestial Seasonings®, Earth's Best®, Ella's Kitchen®,
Terra®, Garden of Eatin'®, Sensible Portions®, Health Valley®,
Arrowhead Mills®, MaraNatha®, SunSpire®, DeBoles®, Casbah®, Rudi's
Organic Bakery®, Gluten Free Café™, Hain Pure Foods®, Spectrum®,
Spectrum Essentials®, Walnut Acres Organic®, Imagine®, Almond
Dream®, Rice Dream®, Soy Dream®, WestSoy®, The Greek Gods®,
BluePrint®, FreeBird®, Plainville Farms®, Yves Veggie Cuisine®,
Europe's Best®, Cully &
Sully®, New Covent Garden Soup Co.®, Johnson's Juice Co.®,
Farmhouse Fare®, Hartley's®, Sun-Pat®, Gale's®, Robertson's®,
Frank Cooper's®, Linda McCartney®,
Lima®, Danival®, Natumi®, GG UniqueFiber®, Tilda®, JASON®, Avalon
Organics®, Alba Botanica®, Live Clean® and Queen Helene®.
Hain Celestial has been providing A Healthier Way of Life™ since
1993. For more information, visit www.hain.com.
Safe Harbor Statement
Certain statements contained in
this press release constitute "forward-looking statements" under
the Private Securities Litigation Reform Act of 1995. Words
such as "plan," "continue," "expect," "expected," "anticipate,"
"intend", "estimate," "believe," "seek", "may," "potential," "can,"
"positioned," "should," "future," and similar expressions, or the
negative of those expressions, may identify forward-looking
statements. These forward-looking statements include the
Company's beliefs or expectations relating to (i) accretion and
(ii) growth trends and distribution opportunities. Such
forward-looking statements involve known and unknown risks,
uncertainties, and other factors which may cause the Company's
actual results, levels of activity, performance or achievements of
the Company, or industry results, to be materially different from
any future results, levels of activity, performance or achievements
expressed or implied by such forward-looking statements. Such
factors include, among others, the Company's ability to achieve its
guidance for net sales and earnings per diluted share in fiscal
year 2015 given the economic environment in the U.S. and other
markets that it sells products as well as economic, political and
business conditions generally and their effect on the Company's
customers and consumers' product preferences, and the Company's
business, financial condition and results of operations; changes in
estimates or judgments related to the Company's impairment analysis
of goodwill and other intangible assets, as well as with respect to
the Company's valuation allowances of its deferred tax assets; the
Company's ability to implement its business and acquisition
strategy; the ability of the Company's joint venture investment to
successfully execute its business plan; the Company's ability to
realize sustainable growth generally and from investments in core
brands, offering new products and its focus on cost containment,
productivity, cash flow and margin enhancement in particular; the
Company's ability to effectively integrate its acquisitions; the
Company's ability to successfully consummate its proposed
divestitures; the effects on the Company's results of operations
from the impacts of foreign exchange; competition; the success and
cost of introducing new products as well as the Company's ability
to increase prices on existing products; availability and retention
of key personnel; the Company's reliance on third party
distributors, manufacturers and suppliers; the Company's ability to
maintain existing customers and secure and integrate new customers;
the Company's ability to respond to changes and trends in customer
and consumer demand, preferences and consumption; international
sales and operations; changes in fuel, raw material and commodity
costs; changes in, or the failure to comply with, government
regulations; the availability of organic and natural ingredients;
the loss of one or more of the Company's manufacturing facilities;
the ability to use the Company's trademarks; reputational damage;
product liability; product recall or market withdrawal;
seasonality; litigation; the Company's reliance on its information
technology systems; and the other risks detailed from time-to-time
in the Company's reports filed with the SEC, including the
annual report on Form 10-K for the fiscal year ended June 30, 2014. As a result of the foregoing
and other factors, no assurance can be given as to future results,
levels of activity and achievements and neither the Company nor any
person assumes responsibility for the accuracy and completeness of
these statements.
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SOURCE The Hain Celestial Group, Inc.