The Hain Celestial Group, Inc. (NASDAQ: HAIN), a leading organic and natural products company with operations in North America, Europe and India providing consumers with A Healthier Way of Life™, today announced the acquisition of Belvedere International, Inc., ("Belvedere") a leader in health and beauty care products including the Live Clean® brand with approximately 200 baby, body and hair care products as well as several mass market brands sold primarily in Canada and manufactured in a company facility in Mississauga, Ontario, Canada.
"We are excited by the acquisition of the Live Clean brand, which expands our presence in the personal care category and complements our Avalon Organics®, Alba Botanica® and JASON® brands that we sell into Canada. This acquisition increases the scale of our Canadian operations to over $150 million in net sales and provides us with opportunities for sales expansion and cost efficiencies as we leverage our existing infrastructure in Canada and our manufacturing and research and development expertise in personal care," said Irwin D. Simon, Founder, President and Chief Executive Officer of Hain Celestial.
"It is with great pride that I see my family's business become part of the esteemed Hain Celestial Group. I believe under their stewardship the Live Clean brand will reach great heights," said Sandra Belvedere.
The Live Clean brand is the leading natural hair care and baby care brand in Canada. In calendar year 2014 Belvedere had approximately $25 million in net sales and is expected to be accretive to Hain Celestial's earnings in fiscal year 2016. Belvedere, which was founded by Rocco Donald Belvedere in 1981, was a family-owned company led by Larry Romagnuolo, President and Chief Executive Officer.
"The Live Clean brand establishes a personal care base of operations in Canada for Hain Celestial, which can serve as the foundation for the continued growth of all our personal care brands and provide us with an opportunity to expand the brand beyond the Canadian mass channel," commented Beena Goldenberg, President of Hain Celestial Canada.
"I am pleased the employees of Belvedere are joining Hain Celestial Canada, who can ensure the next level of growth for the personal care business established by my family 34 years ago, and I look forward to working with Beena Goldenberg and the Hain Celestial team in pursuing new opportunities as part of a leading organic and natural products company," said Larry Romagnuolo.
"We thank the Belvedere family for their contributions in creating the Live Clean brand and welcome Larry Romagnuolo as General Manager Hain Celestial Canada Personal Care, who will be responsible for the Live Clean brand as well as our Avalon Organics®, Alba Botanica® and JASON brands in Canada. We look forward to working with Larry and his team to expand our personal care manufacturing in Canada," concluded Irwin Simon.
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