The Hain Celestial Group, Inc. on July 5 announced the completion of the previously disclosed sale of its Kineret and Kosherific brands of frozen foods to Kedem Food Products International. Terms of the transaction were not disclosed."As we streamline our business with brand and SKU rationalizations, we are focusing on our core natural and organic brands and products. It is with mixed feelings that we sell the Kineret specialty kosher brand, even though the category is growing, since the Kineret brand was one of our first acquisitions," commented Irwin D. Simon, president and CEO of The Hain Celestial Group. "I am pleased to see the Kineret brand sold to Kedem, an innovator in specialty brands, as they will bring Kineret and Kosherific to another level of success."That same day, Hain Celestial Group closed on its acquisition of College Hill Poultry, establishing Hain Pure Protein Corp. in the process. Hain Pure Protein Corp. is a joint venture with Pegasus Capital Advisors, LP, a private equity firm. Hain Celestial will control 50.1% of the joint venture. Simon noted, "Hain Pure Protein will provide us with the opportunity to expand fresh, refrigerated and frozen product offerings under our established natural and organic brands with value-added products in new and expanded channels in this fast growing category."
