UK – PAI Partners, a Paris- based private equity investor in the food industry is said to be in discussions for a possible acquisition of Hain Daniels Group, the UK arm of American food group Hain Celestial, reports Sky News.
Based in West Yorkshire Hain Daneils, is one of the largest food producers in the UK, and home to major brands including the Linda McCartney, Mary Berry dessert, New Covent Garden Soup Co and Sun Pat peanut butter.
The company operates 12 sites across the country, employing about 2,800 people and has annual revenues of around £500m. The terms of a possible deal were not disclosed.
Its parent company, Hain Celestial has announced several divestitures in recent months, including the sale of the Tilda rice brand for US$342 million.
Hain Celestial recently announced that part of its full-year results indicate that sales at its UK business had fallen by 6% to US$885.5 million (£720m).
It attributed the decline to weaker performance from the New Covent Garden Soup Co and Johnson’s Juice Co brands, although these had been partially offset by growth from Linda McCartney and Hartley’s sales.
The American food group has further moved to trim its portfolio offloading the WestSoytofu, seitan and tempeh unit as well as Hain Pure Protein Business.
New board appointments
The company recently appointed veteran consumer packaged goods executives Richard Beck and Michael Sims as new independent directors. These appointments increase the Hain Celestial Board of Directors to nine directors.
Mr. Beck will also serve as a member of the Audit Committee and the Corporate Governance and Nominating Committee of the Board and Mr. Sims will serve as a member of the Audit Committee and the Compensation Committee of the Board.