FDBusiness.com

Hain Celestial Sells Tilda to Ebro Foods For $342 Million

 Breaking News
  • Heineken Delivers Strong Top-line Growth in 2019 Global brewer Heineken achieved 5.6% organic growth in net revenue (beia) to €23.894 billion for 2019 and operating profit grew 3.9% organically to €4.020 billion. However, the operating profit margin...
  • Molson Coors Partners With e.fundamentals to Help Drive UK Online Sales Molson Coors, one of the world’s largest brewers, has partnered with ecommerce analytics provider e.fundamentals to help drive sales of its beers through retailers’ websites in the UK. E.fundamentals’ service...
  • Manor Farm Wins IFSA Best Sustainable Food Product Award 2020 Irish chicken producer Manor Farm has won the IFSA (Irish Foodservice Suppliers Alliance) Best Sustainable Food Product Award 2020. Manor Farm, received the award for the company’s ‘Farmers to Market’...
  • Heineken Announces CEO Succession Jean-François van Boxmeer (pictured left), Chairman and CEO of Heineken, is to step down following his successful 15 year leadership of the company. He will be succeeded by Dolf van...
  • DMK Group Aims to Optimise Ice Cream Production DMK Group, Germany’s largest dairy co-operative, intends to streamline the production network in its ice cream business unit. This involves selling its Waldfeucht-Haaren production site in North Rhine-Westphalia. Schwarz Produktion,...

Hain Celestial Sells Tilda to Ebro Foods For $342 Million

Hain Celestial Sells Tilda to Ebro Foods For $342 Million
September 02
14:52 2019

The Hain Celestial Group, a leading organic and natural products company with operations in North America, Europe, Asia and the Middle East, has completed the strategic sale of Tilda, a premium basmati and specialty rice brand, to Ebro Foods, the largest food group in Spain, for $342 million in cash. The purchase price reflects an adjusted EBITDA multiple of 13.5x, based on estimated fiscal year 2019. Hain Celestial expects to use a portion of the proceeds to pay down debt and is evaluating distribution alternatives for the remainder to maximize value to shareholders.

“We are pleased to complete the strategic sale of Tilda, which is consistent with our transformational plan to simplify our portfolio, strengthen our core capabilities and expand margins and cash flow,” comments Mark L. Schiller, president and chief executive of Hain Celestial. “Tilda has been a strong business for us, primarily in the United Kingdom, and under new strategic ownership, we expect the brand to continue to thrive. We believe this transaction represents a significant premium to a majority of other European food and global rice and pasta industry transactions over the last several years. In addition, this divestiture will enable us to reduce our exposure to marketplace disruption associated with the uncertainty of Brexit and additional future potential foreign currency fluctuations.”

Tilda operates two plants at Rainham in the UK and employs 326 people. Its net sales in the past year, up to June 2019, totalled £152.6 million, 60% of which were in the UK.

Through this acquisition, Ebro Foods not only enhances its portfolio of global premium brands in the rice sector, but also acquires a strong foothold in the British market, where it has to date had only a token presence. In addition, Tilda’s international nature will pave the way for extensive development with other Ebro products.


Warning: count(): Parameter must be an array or an object that implements Countable in /home/fdbusiness/public_html/wp-content/themes/legatus-theme/includes/single/post-tags.php on line 5
Share

About Author

mike

mike

Related Articles

Food & Drink Business Conference & Exhibition 2016

Upcoming Events

[eventlist]

find food jobs

The Magazine

F&D Business Preferred Suppliers

New Subscriber

Subscribe Here



Advertisements