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Hain Celestial completes $15M sale of cereals, chocolate brands to Hometown Food

The Hain Celestial Group Inc. said Oct. 8 that it completed the sale of organic cereals and baking products brand Arrowhead Mills Inc. and chocolate brand SunSpire to Hometown Food Co. for $15 million.

Hometown Food is a portfolio company of private equity firm Brynwood Partners Management LLC.

Hain Celestial said the move is part of its ongoing portfolio restructuring. Over the recent months, the company has sold rice brand Tilda to Spain's Ebro Foods SA for $342 million, Hain Pure Protein Corp. to Aterian Investment Partners LLC for $80 million and its WestSoy tofu, seitan and tempeh business to plant-based food maker Keystone Natural Holdings LLC, among other deals.

"We are pleased to complete the strategic divestitures of the Arrowhead Mills and SunSpire brands demonstrating the consistent execution of our stated transformational plan to reduce complexity and simplify the brand portfolio," Hain Celestial President and CEO Mark Schiller said in a statement.

Hain Celestial said the sale is subject to customary post-closing adjustments and will have a negligible impact on the company's EBITDA.

Brynwood's investment in Hometown Food is held through its Brynwood Partners VII LP and Brynwood Partners VIII LP funds.