Hain Celstial (NASDAQ: HAIN) has gone abroad for a new acquisition. The natural-foods producer announced that its Hain Daniels Group subsidiary has reached agreement to buy U.K.-based soup maker Yorkshire Provender. Neither the terms nor the price of the deal were made public.
Like Hain Celestial, Yorkshire Provender concentrates on the provision of goods made from natural ingredients. It sells 14 varieties of soup, many of which are gluten-free. Four of those are available in single-serving, "heat and eat" portions.
"This transaction expands the depth of our soup offering with Yorkshire Provender's gluten-free, delicious premium recipes and flavors," said James Skidmore, CEO of Hain Daniels, in the press release heralding the purchase.
The U.K. company was founded in 2007, and, true to its name, is still headquartered in North Yorkshire. After the acquisition closes, it will continue to operate from that location, according to Hain Celestial. Yorkshire Provender's soups are sold by a host of grocers and general retailers in the country, including the U.K. arm of American retailer Costco Wholesale.
According to Hain Celestial, Yorkshire Provender posted net sales of roughly 6 million pounds ($7.5 million) in 2016. Although it did not provide any profitability figures for its asset-to-be, Hain Celestial did say that it is anticipated to be accretive to its new owner's earnings in fiscal 2018.
The Yorkshire Provender acquisition is subject to approval from the U.K.'s Competition and Markets Authority. Hain Celestial did not speculate as to when the deal might close.
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Eric Volkman has no position in any stocks mentioned.