Hain-Celestial Buying Daniels Group
Daniels makes such natural chilled foods as Covent Garden Soup and Johnson's Juice.
Hain Celestial said in a statement that chilled and fresh food accounts for more than 50% of food sales in the U.K. and is the fastest-growing grocery category. The company also said the acquisition will create a powerhouse in the fresh and frozen natural sector in the United Kingdom. The deal also will enhance Hain Celestial's international business and help it introduce its existing global brands, such as Rice Dream and Celestial Seasonings, to a wider market.
Daniels Group generated revenue of approximately $280 million in its last fiscal year. The company's chief executive, Rob Burnett, will become CEO of Hain Celestial United Kingdom.
Hain Celestial updated its 2012 outlook, given the latest deal and the recent acquisition of Europe's Best in Canada. It now expects adjusted earnings of $1.63 to $1.73 per share and revenue of $1.46 to $1.48 billion -- including Daniels and excluding acquisition costs
From the October 26, 2011, Prepared Foods' Daily News.