Empire Kosher Poultry, Inc. Completes Acquisition of Kosher Valley® Brand in Exchange for Shares Issued to Hain Pure Protein Corporation
Empire Kosher Poultry, Inc. one of the country’s most established processors of kosher chicken and turkey announced today that it has completed the acquisition of the Kosher Valley® brand of kosher, antibiotic free (ABF) poultry from Hain Pure Protein Corporation in exchange for equity in Empire.
Mifflintown, PA (PRWEB) May 15, 2010
Empire Kosher Poultry, Inc. (“Empire”) one of the country’s most established processors of kosher chicken and turkey announced today that it has completed the acquisition of the Kosher Valley® brand of kosher, antibiotic free (ABF) poultry from Hain Pure Protein Corporation (“HPP”) in exchange for equity in Empire. Hain is a joint venture between Pegasus Capital Advisors, L. P. and The Hain Celestial Group, Inc. (NASDQ: HAIN ).
Beginning Monday, Kosher Valley® will be produced in the Empire Kosher facility in Mifflintown, PA. Less than a year ago, Empire announced the installation of a high-speed processing line that gives the company the capacity to produce over 500,000 birds per week during non-peak periods and 800,000 at peak production times. The addition of Kosher Valley’s volume is expected to provide operating efficiencies at the Pennsylvania plant.
"Kosher Valley will allow Empire to make strides in growing our company," said Greg A. Rosenbaum, Chief Executive Officer of Empire Kosher Poultry. "We're impressed with the work that Kosher Valley has done in developing their kosher ABF product line and in building its distribution. The combined volume will improve operating efficiencies, and allow us to offer a much wider choice of products to consumers."
Under the terms of the agreement, Irwin Simon of The Hain Celestial Group and Rodney Cohen of Pegasus Capital Advisors will be joining Empire's Board of Directors.
“We are pleased that Kosher Valley has been acquired by Empire, a premier brand in kosher poultry, which will expand the breadth of its product lines and distribution reach,” said Irwin D. Simon, President and Chief Executive Officer of Hain Celestial and a Director of HPP. “It’s great for HPP to join forces with Empire, as Kosher Valley will benefit from Empire’s production capabilities and reputation for delivering high-quality products to a broad market.”
Jefferies & Company, Inc. served as financial advisor to both Hain Pure Protein Corporation and Empire Kosher Poultry, Inc. for this transaction.
Empire Kosher is one of the most established kosher poultry processors in the United States. It markets and sells its award-winning brands throughout the nation at retail channels including chain supermarkets, big box stores, warehouse clubs and independent kosher grocers.
Pegasus Capital Advisors
Pegasus Capital Advisors, L. P. is a private equity fund manager with offices in New York and Cos Cob, CT. Founded in 1995, Pegasus provides capital to middle market companies across a wide range of industries, and has particular interest in businesses that make a meaningful contribution to society by positively affecting the environment, contributing to sustainability and enabling healthy living. For more information, visit www. pcalp. com.
The Hain Celestial Group
The Hain Celestial Group (HAIN), headquartered in Melville, NY, is a leading natural and organic products company in North America and Europe. Hain Celestial participates in many natural categories with well-known brands that include Celestial Seasonings®, Earth's Best®, Terra®, Garden of Eatin'®, Health Valley®, Arrowhead Mills®, MaraNatha®, SunSpire®, DeBoles®, Gluten Free Cafe™, Hain Pure Foods®, Hollywood®, Spectrum Naturals®, Spectrum Essentials®, Walnut Acres Organic®, Imagine®, Almond Dream®, Rice Dream®, Soy Dream®, Ethnic Gourmet®, WestSoy®, Yves Veggie Cuisine®, Granose®, Realeat®, Linda McCartney®, Daily Bread™, Lima®, Grains Noirs®, Natumi®, JASON®, Zia® Natural Skincare, Avalon Organics®, Alba Botanica®, Queen Helene®, Tushies®, TenderCare® and Martha Stewart Clean™. Hain Celestial has been providing "A Healthy Way of Life™" since 1993. For more information, visit www. hain-celestial. com.
About Empire Kosher Poultry, Inc.
Empire Kosher Poultry, Inc. is one of the most established Kosher poultry producers in the United States. With facilities in central Pennsylvania, Empire produces Kosher chickens and Kosher turkeys for the North American market through a fully integrated process, including breeder farms, egg hatcheries, feed mill, grow out houses and processing facilities. Through this fully vertically integrated approach Empire continues to deliver the highest quality poultry products available anywhere. Empire products have won numerous national and international poultry taste-test competitions, and are available in supermarkets, warehouse clubs and butcher shops. For more information visit www. empirekosher. com.
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