Pegasus Capital Advisors, L.P., New York, N.Y., said it purchased a controlling 51 percent interest inHain Pure Protein Corp., a New Oxford, Pa., poultry joint venture withThe Hain Celestial Group, Melville, N.Y.
Hain Pure Protein processes and markets a range of antibiotic-free poultry products under the FreeBird, Plainville Farms and Kosher Valley labels. The business has annual sales of approximately $160 million.
With its increased equity ownership, Rodney Cohen, co-managing partner of Pegasus, has been appointed chairman of Hain Pure Protein. Jay Lieberman, formerly vice president of financial planning and analysis at Hain Celestial, has been named Hain Pure Protein's chief operating officer and chief financial officer. Reporting to Lieberman will be Joseph DePippo, president of sales and marketing and chicken operations; and James Reed, president of turkey operations.