Hain Celestial acquires Daily Bread
April 02, 2008
by FoodBusinessNews.net Staff
MELVILLE, N.Y. — The Hain Celestial Group, Inc. has acquired Daily Bread, Ltd., a producer of prepared foods for the food service segment in the United Kingdom.
"Building upon the foundation established by our entry into the United Kingdom nearly two years ago, Daily Bread strengthens our existing prepared foods operation with a branded fresh platform, primarily serving the United Kingdom market," said Irwin D. Simon, president and chief executive officer. "We’re excited about the potential to expand our fresh branded products in the United Kingdom and in Europe with additional offerings and to increase the sales of our other branded grocery snacks products in the food service and grocery channels."
Daily Bread had about $24 million in continuing sales in the last fiscal year. Financial terms of the transaction were not disclosed, but it is expected to be accretive to Hain Celestial’s earnings in fiscal year 2009.
"With this acquisition, Hain Celestial has created a global, branded fresh strategy with the ability to develop fresh lines for the Linda McCartney meat-free brand and healthy branded fresh meals for children," Mr. Simon said.