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Pilgrim’s Pride bids on Hain Celestial’s protein business: source

By
Josh Kosman
Published June 21, 2018, 10:29 p.m. ET

Pilgrim’s Pride is bidding for Hain Celestial’s protein business, a source close to the process told The Post.

Hain, run by CEO Irwin Simon, is in the process of selling Hain Pure Protein, its chicken and turkey division, to make its remaining snack food company more attractive to a buyer, an informed source explained.

Pilgrim’s Pride has made a preliminary offer for the business, which sells to Chipotle and Panera Bread — as have others, sources said.

Final bids in the auction for the unit of the natural foods company are due in mid-July, sources said.

The development in what some insiders thought would be a difficult sale is positive for the Long Island maker of Celestial Seasonings teas, Terra chips, Garden of Eatin’, Rudi’s and Earth’s Best, sources said.

“It seems like they have a real bidder,” a source close to the auction said, adding that at least one suitor who bid a relatively low price was thrown out of the auction.

The division, which sells its products under the Plainville Farms and Freebird brands, generates $475 million in revenue and $40 million in Ebitda, representing 15 percent of Hain’s total profit.

A sale might end up amounting to about $700 million.

Nestle was in talks to buy all of Hain, a $3,2 billion market cap company, last fall, but first wanted Hain to sell its protein division, The Post reported exclusively in January.

Hain’s shares have fallen 30 percent since the beginning of the year. On Thursday, the shares gained 1.9 percent, to $29.18.

The sell-off this year is partly because rumors about a sale of the company had swirled but have recently ebbed, sources said.

“I think Hain would fit well with several other consumer product companies” once it sells the proteins division, said Maxim Group analyst Anthony Vendetti.

Perhaps the promising auction is helping Simon’s health.

“Irwin has lost weight, he looks good,” a source who saw him recently said.

Hain has announced it is selling the division and expects to reach a deal by the end of September.

In 2008, Hain purchased the turkey operations from Pilgrim’s Pride for an undisclosed sum.

A Hain spokesman declined comment. Pilgrim’s did not return calls.