Hain acquires Greek Gods yogurt
July 6, 2010
by Eric Schroeder
MELVILLE, N.Y. — The Hain Celestial Group, Inc. has acquired the assets and business of 3 Greek Gods L.L.C., including the Seattle-based company’s Greek Gods brand of all natural, Greek-style yogurt, which is sold in natural and grocery retailers.
According to Hain, Greek Gods authentic Greek-style yogurt is thicker and creamier than conventional-style yogurt and generally higher in protein and lower in carbohydrates and sodium. Greek Gods yogurt has experienced double-digit growth over the last year, and had annual sales of more than $10 million during 2009, Hain said.
“The strategic acquisition of the Greek Gods brand, a leader in Greek-style yogurt, expands our product offerings into the yogurt category,” said Irwin D. Simon, president and chief executive officer of Hain Celestial. “We believe it will provide us with the opportunity to leverage our existing brands with product extensions in the category. We’re excited to welcome Greek Gods founders, Stephanos Margaritis, Steve Tselios and Basel Nassar and add their products, developed with all the health attributes of live and active cultures, including probiotics, to our portfolio, and we look forward to expanding Greek Gods offerings in the United States and Canada.”
Mr. Nassar said joining Hain should “open new doors and solidify our place in the yogurt category.”
“The Greek Gods brand represents yogurt for a healthy life, and together with Hain Celestial we can combine our passion with their market expertise, while continuing to educate consumers as to the benefits of our Greek lifestyle,” he said. “Steadily increasing yogurt sales indicate that in time, the United States consumption is expected to reach European consumption levels as recently Greek yogurt consumption has outperformed conventional yogurt consumption due to its pleasant taste and healthful characteristics.”
Mr. Margaritis, Mr. Tselios and Mr. Nassar will join Hain Celestial as general managers and will report to John Carroll, chief executive officer of Hain Celestial United States.