Hain Celestial Group Inc
purchases Europe’s Best
assets, ops in Canada
Oct 11, 2011 10:00 AM
The Hain Celestial Group Inc, a natural and organic products company, has acquired the assets and business of the Europe’s Best brand of all-natural, frozen fruit and vegetable products in Canada through its Hain Celestial Canada subsidiary. This acquisition is expected to be accretive to Hain Celestial’s earnings in fiscal year 2012.
“Our entry into this growing $385 million Canadian category of frozen fruits and vegetables complements our product offerings while providing us with a new category for potential growth,” said Irwin D Simon, president and chief executive officer of Hain Celestial. “With this strategic acquisition we plan to expand Europe’s Best product lines into other channels of distribution in North America, and we will leverage the talented team we have in place at Hain Celestial Canada.”
The Europe’s Best product line includes 24 fruit and vegetable products distributed in Canada. All Europe’s Best products are washed and individually quick-frozen, by means of a flash freeze process, to retain flavor and freshness and preserve nutritional value.
Beena Goldenberg, president of Hain Celestial Canada, said, “Value-added product offerings like Europe’s Best Fruit Essentials antioxidant blends and Roasted Gourmet Frozen Vegetables meet the increasing consumer demand for convenience in better-for-you products. We plan to cross-promote Europe’s Best with other Hain Celestial brands to create healthier eating options including smoothies and yogurt. We also expect to expand into organic fruits and vegetables and drive multi-brand growth with product extensions and on-the-go product offerings.”
Europe’s Best was previously a brand of Smucker Foods of Canada Corp, a subsidiary of The J M Smucker Company. Terms of the acquisition, which closed October 5, 2011, were not disclosed.
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