Hain Celestial Venture Arm Acquires Better Bean

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Hain Celestial Venture Arm Acquires Better Bean

LAKE SUCCESS, N.Y. —The Hain Celestial Group, Inc. (Nasdaq: HAIN),  today announced the purchase of The Better Bean Co. Portland, Ore.-based Better Bean was founded in 2010 by the father and daughter team of Keith and Hannah Kullberg, to make eating beans easy, tasty and healthy. Better Bean will augment Hain Celestial’s offerings in the perimeter of the store. Better Bean is the the first acquisition by the Hain Celestial Cultivate Ventures strategic platform.

Better Bean offers prepared beans and bean-based dips sold in chilled deli tubs. With eight plantbased varieties, Better Bean products contain at least five grams of fiber and six grams of proteinper serving. They are also Non-GMO Project Verified, Certified Vegan and gluten-free. Additionally, Better Bean is a Certified B Corporation, whose mission and values are very much in line with those of Hain Celestial, the company said in a press release announcing the acquisition.

“Better Bean is well-suited for the Cultivate Ventures portfolio given our focus on the perimeter of the store with our BluePrint® functional beverages, Yves Veggie Cuisine® vegetarian offerings and Health Valley® refrigerated soup products. Better Bean products are aligned with consumer demand for nutritious food, plant-based protein, fiber, clean labels and convenience,” said Beena Goldenberg, Chief Executive Officer of Cultivate Ventures and Hain Celestial Canada, in a press release.

“We expect to catapult Better Bean’s growth by leveraging Hain Celestial’s strength in sales, distribution, marketing and brand building, which should allow more consumers to experience Better Beans,” said Keith Kullberg, Founder and Chief Executive Officer of Better Bean, in the same statement. “Hain Celestial’s decades’ long commitment to making healthier, better-for-you food more accessible complements Better Beans’ mission to bring the world clean, tasty and convenient beans.”

Cultivate Ventures is dedicated to investing in smaller portfolio brands, lifestyle brands and concepts, and incubator opportunities in high growth categories. Terms of the deal were not disclosed.

After a yearlong audit and accounting review, Hain Celestial last week announced on the company did not need to make any material changes to its previously reported financial statements from May 2016.

Published on WholeFoods Online June 28, 2017

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