Ebro Foods has acquired the premium basmati and speciality rice brand Tilda from Hain Celestial Group for $342 million (€308.4 million).
Hain Celestial said that it will use a portion of the proceeds from the sale to pay down debt and is evaluating distribution alternatives for the remainder to maximise value to shareholders.
Tilda is expected to contribute approximately $200 million (€180.4 million) in net sales and $25 million (€22.6 million) of adjusted EBITDA to the company's fiscal year ended 30 June 2019, Hain Celestial said.
'Strategic Sale'
President and chief executive officer of Hain Celestial, Mark L Schiller, said, "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."
"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," Schiller added.
Credit Suisse acted as a financial advisor to Hain Celestial.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: The European Supermarket Magazine.
