Hain Celestial Buys Rudi's Organic Bakery
Hain Celestial Group Inc. on April 28 acquired Charter Baking Co. Inc. and its subsidiary Rudi's Organic Bakery Inc., Boulder, Colo. The purchase price was $61.3 million, consisting of $50 million in cash and $11.3 million in shares of Hain Celestial common stock. Sellers were Strategic Partners III Investments, Charter Organic Foods LLC and Ares Capital Corp.
Rudi's is a well-known gluten-free and organic company in the U.S. with a diverse line of bread and baked goods. Last year, Rudi's generated approximately $60 million in net sales.
The company website says Rudi’s Bakery was opened in 1976 by Sheldon Romer, who named the bakery after Swami Rudrananda, a spiritual leader of an ashram in New York who was instrumental in bringing Eastern culture and spiritual traditions to many Americans.