Sector News

Hain Celestial sells plant-based protein businesses

May 7, 2019
Food & Drink

Keystone Natural Holdings, a portfolio company of Chicago-based Keystone Capital, has acquired the WestSoy tofu, seitan and tempeh businesses from The Hain Celestial Group, Inc. The transaction did not include the WestSoy plant-based beverage business, which has been retained by Hain Celestial. Financial terms were not disclosed.

“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,” said Mark L. Schiller, president and chief executive officer of Hain Celestial. “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.”

Established in June 2016, Chicago-based Keystone Natural Holdings manufactures and sells plant-based protein products including tofu, meatless veggie burgers and other soy-based and vegetarian items, into the retail and food service channels under the Nature Soy, VeggieLand, Franklin Farms, Jens & Marie and Superior Tofu brands.

By Monica Watrous

Source: Food Business News

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