Hain Celestial has completed the divestiture of its WestSoy tofu, seitan and tempeh unit, as it looks to streamline its portfolio of brands.
The deal did not include the WestSoy plant-based beverage business, which has been retained by the company.
The businesses have been bought by Keystone Natural Holdings, a portfolio company of US investment firm Keystone Capital focusing on plant-based food. Terms of the deal were not disclosed.
Mark Schiller, who was appointed Hain Celestial CEO last year, said: “We are pleased to complete the strategic divestiture of the WestSoy tofu, seitan and tempeh businesses.
“This brand divestiture is in line with the core objectives of our transformational strategic plan to reduce complexity and streamline our portfolio of brands to drive sustainable growth and shareholder value.
“We believe the WestSoy tofu, seitan and tempeh business, while not core to our strategy, will be a strong performer in the hands of an owner who is committed in this category and will continue to deliver innovative high-quality products to our customers.”
In its second-quarter results published in February, Hain Celestial saw net sales decrease 5% to $584.2 million compared to the prior year period. The company, which owns brands such as Tilda rice and The Greek Gods yogurt, has since offloaded its Plainville Farms business.
Keystone Natural Holding’s portfolio consists of brands such as VeggieLand, Franklin Farms, Superior Natural and Nature Soy.
© FoodBev Media Ltd 2020
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