North American natural and organic foods firm Hain Celestial has announced the latest in a series of divestments with the sale of the Arrowhead Mills and SunSpire brands to Hometown Food, a wholly-owned portfolio company of Brynwood Partners VII and Brynwood Partners VIII, for $15 million.
The Arrowhead Foods lineup includes baking mixes, breakfast cereal, flour, pancakes, and pie crusts, while SunSpire is a brand of baking chocolate and chocolate confectionery. The transaction includes the Arrowhead Mills manufacturing facility in Hereford, TX and the staff employed there.
“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,” commented Hain Celestial president and CEO Mark L Schiller.
“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”, he added.
Source: Hain Celestial