Organic products manufacturer Hain Celestial has acquired 80% stake that it does not currently own in EK Holdings and its wholly-owned subsidiary, Empire Kosher Poultry for $57.6m.
Empire currently offers a full range of kosher antibiotic- and hormone-free chicken and turkey products including fresh tray pack, frozen, deli, fully cooked, gluten-free and organic products in the United States as well as the Kosher Valley brand sold exclusively in Whole Foods Market.
Based in Pennsylvania, Empire posted $100m in net sales in calendar year 2014 and is expected to be accretive to Hain Celestial's earnings in fiscal year 2016.
With this investment, Hain Celestial will expand its Farm to Table product offerings, as well as entering into deli, fresh prepared foods and other grocery categories.
Commenting on the acquisition, Hain Celestial founder, president and CEO Irwin D. Simon said: "Additionally, we expect to leverage our infrastructure to create revenue and procurement synergies, and we paid an attractive price considering the multiples being paid for antibiotic-free protein companies today."
Earlier in May 2010, Empire acquired Kosher Valley, the first brand of certified kosher antibiotic-free, vegetarian fed and humanely raised all natural branded chicken and turkey products, from Hain Pure Protein Corporation.
