Hain buys Celestial Seasonings
The Hain Food Group, the nation's largest health food company, acquired
Boulder, Colorado-based Celestial Seasonings for roughly $385 million
in stock and debt. Celestial will own 37.5% of the combined company,
in a deal that will likely help the company increase sales while preserving
company identity. Hain is also expected to help Celestial gain increased
access to health food stores, as well as to restaurants and food service
outlets, thanks to Heinz's 19.5% stake in the Hain Group. As expected,
Hain will focus more on Celestial's tea business than its fledgling
herbal supplement segment.
Boulder Daily Camera, March 6, 2000.
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