Hain Celestial To Sell Hain Pure Protein To Aterian Investment For $80 Mln

(RTTNews) - Hain Celestial Group, Inc. (HAIN) agreed Thursday to sell all of its equity interest in Hain Pure Protein Corp., which includes the FreeBird and Empire Kosher businesses, to Aterian Investment Partners III, LP for a purchase price of $80 million, subject to adjustments. The transaction is expected to close before June 30, 2019, the end of the Company's fiscal year.

This divestiture is another step forward in simplifying the organization aligned with its transformational strategic plan as it aggressively pursuse margin enhancing initiatives to fuel long-term sustainable growth and profitability.

The company expects the sale of Hain Pure Protein to also help improve its balance sheet as it generates cash from the sale with which it plans to use in part to pay down debt.