Health and wellness company Hain Celestial has completed the sale of its Thinsters cookie business to J&J Snack Foods.
According to Hain Celestial, the all-cash transaction that closed on 8 April 2024 will optimise the company's better-for-you portfolio.
The Cully & Sully parent will use the proceeds from the deal to pay company debt.
"Divesting Thinsters further streamlines our supply chain network and strengthens our ability to focus our efforts on driving greater reach and scale of our core better-for-you brands across our categories of focus," said Wendy Davidson, president and chief executive of Hain Celestial.
"We are pleased to reach this agreement with J&J Snack Foods and are confident that the business will thrive under their leadership," Davidson added.
Hain Reimagined
Last year, the company launched its multi-year transformation plan Hain Reimagined to pivot the business to growth.
The strategy revolves around four pillars: focus, grow, build and fuel.
The divestiture of Thinsters will contribute to the focus pillar, the company noted, as it further refines Hain's portfolio of better-for-you brands across five growth categories: snacks, baby and kids food, beverages, meal preparation and personal care.
In 2021, Hain Celestial agreed to acquire That’s How We Roll, the producer and marketer of ParmCrisps and Thinsters.
The company will continue to identify opportunities to further optimise its operating model and align its footprint in five core geographies: the US, Canada, UK, Ireland and Western Europe.
In February, Hain Celestial said its second-quarter net sales remained unchanged, at $454.1 million (€422.33 million), compared to the same period a year earlier. Net sales increased by 0.2%, compared to a year ago, while adjusted EBITDA amounted to $47.1 million (€43.80 million), registering a decline from $49.8 million (€46.2 million).
