Hain Celestial has completed the divestitures of the Arrowhead Mills organic baking and SunSpire chocolate brands to Hometown Food Company, a wholly-owned portfolio company of Brynwood Partners for $15 million subject to customary post-closing adjustments.
The transaction includes the Arrowhead Mills manufacturing facility in Hereford, TX and its employees, and will have a negligible impact on the ongoing EBITDA of Hain Celestial.
"We are pleased to complete the strategic divestitures of the Arrowhead Mills and SunSpire brands demonstrating the consistent execution of our stated transformational plan to reduce complexity and simplify the brand portfolio," said Mark L. Schiller, Hain Celestial's President and Chief Executive Officer. "We believe the Arrowhead Mills and SunSpire brands will thrive under new ownership as we focus our future initiatives and investments on areas of our business that better leverage our core competencies to improve our margins, profitability and cash flow generation."
