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.