LAKE SUCCESS, N.Y.,
Aug. 28, 2019 /PRNewswire/
-- The Hain Celestial Group, Inc. (Nasdaq: HAIN) ("Hain
Celestial" or the "Company"), 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™, today announced that it has completed the
strategic sale of Tilda®, a premium basmati and specialty rice
brand, to EBRO FOODS S.A. for a purchase price of $342 million in cash. The purchase price reflects
an adjusted EBITDA multiple of 13.5x, based on estimated fiscal
year 2019, which the Company will report on August 29, 2019. Hain Celestial expects to use a
portion of the proceeds to pay down debt and is evaluating
distribution alternatives for the remainder to maximize value to
shareholders.
"We are pleased to complete the strategic sale of Tilda, which
is consistent with our transformational plan to simplify our
portfolio, strengthen our core capabilities and expand margins and
cash flow," commented Mark L.
Schiller, Hain Celestial's President and Chief Executive
Officer. "Tilda has been a strong business for us, primarily
in the United Kingdom, and under
new strategic ownership, we expect the brand to continue to thrive.
We believe this transaction represents a significant premium to a
majority of other European food and global rice and pasta industry
transactions over the last several years. In addition, this
divestiture will enable us to reduce our exposure to marketplace
disruption associated with the uncertainty of Brexit and additional
future potential foreign currency fluctuations."
Tilda is expected to contribute approximately $200 million in net sales and $25 million of adjusted EBITDA for the fiscal
year ending June 30, 2019.
Credit Suisse acted as a financial advisor to Hain
Celestial.
About 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, Asia
and the Middle East. Hain
Celestial participates in many natural categories with well-known
brands that include Almond Dream®, Arrowhead Mills®, Bearitos®,
Better Bean®, BluePrint®, Casbah®, Celestial Seasonings®, Clarks™,
Coconut Dream®, Cully & Sully®, Danival®, DeBoles®, Earth's
Best®, Ella's Kitchen®, Europe's
Best®, Farmhouse Fare™, Frank
Cooper's®, Gale's®, Garden of Eatin'®, GG UniqueFiber™, Hain
Pure Foods®, Hartley's®, Health Valley®, Imagine™, Johnson's Juice
Co.™, Joya®, Lima®, Linda McCartney® (under license), MaraNatha®,
Mary Berry (under license), Natumi®,
New Covent Garden Soup Co.®, Orchard House®, Rice Dream®,
Robertson's®, Rudi's Gluten-Free Bakery™, Rudi's Organic Bakery®,
Sensible Portions®, Spectrum® Organics, Soy Dream®, Sun-Pat®,
Sunripe®, SunSpire®, Terra®, The Greek Gods®, Walnut Acres®,
WestSoy®, Yorkshire Provender®, Yves Veggie Cuisine® and
William's™. The Company's personal care products are marketed under
the Alba Botanica®, Avalon Organics®, Earth's Best®, JASON®, Live
Clean® and Queen Helene® brands.
Safe Harbor Statement
Certain statements
contained in this press release constitute "forward-looking
statements" within the meaning of federal securities laws,
including the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are predictions based on expectations
and projections about future events and are not statements of
historical fact. You can identify forward-looking statements by the
use of forward-looking terminology such as "plan", "continue",
"expect", "anticipate", "intend", "predict", "project", "estimate",
"likely", "believe", "might", "seek", "may", "will", "remain",
"potential", "can", "should", "could", "future" and similar
expressions, or the negative of those expressions, or similar words
or phrases that are predictions of or indicate future events or
trends and that do not relate solely to historical matters.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the 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, and you should not
rely on them as predictions of future events. Forward-looking
statements depend on assumptions, data or methods that may be
incorrect or imprecise and may not be able to be realized. We do
not guarantee that the transactions and events described will
happen as described (or that they will happen at all). Such
factors, include, among others, the risks detailed from time to
time in the Company's reports filed with the United States
Securities and Exchange Commission. The Company cannot provide any
assurance regarding future results, levels of activity and
achievements of the Company, and neither the Company nor any person
assumes responsibility for the accuracy and completeness of these
statements. All forward-looking statements contained herein apply
as of the date hereof or as of the date they were made and, except
as required by applicable law, the Company disclaims any obligation
to publicly update or revise any forward-looking statement to
reflects changes in underlying assumptions or factors of new
methods, future events or other changes.
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SOURCE The Hain Celestial Group, Inc.