The Hain Celestial Group Inc (NASDAQ:HAIN) announced the acquisition of the assets and business of 3 Greek Gods LLC, including its Greek Gods brand of all-natural, Greek-style yogurt, which is sold in natural and grocery retailers. The transaction is expected to be immediately accretive to Hain Celestial’s earnings.
Greek-style and specialty yogurt grocery sales grew more than 100% in the past year while over the past three years the overall yogurt category has experienced only a mid-single digit compound annual growth rate. Greek Gods authentic Greek-style yogurt is thicker and creamier than conventional-style yogurt and generally higher in protein and lower in carbohydrates and sodium.
“The strategic acquisition of the Greek Gods brand, a leader in Greek-style yogurt, expands our product offerings into the yogurt category. We believe it will provide us with the opportunity to leverage our existing brands with product extensions in the category,” said Irwin D Simon, president and chief executive officer of Hain Celestial.
Stephanos Margaritis, Steve Tselios, and Basel Nassar, founders of Greek Gods, will join Hain Celestial as general managers in Hain Celestial’s Greek Gods Division, reporting to John Carroll, CEO of Hain Celestial United States.
Greek Gods yogurt generated sales of more than $10 million in calendar year 2009. Terms of the acquisition, which closed July 2, were not disclosed.