Hain Pure Protein Corporation("HPP"), Plainville, N.Y., said it agreed to sell its Kosher Valley chicken and turkey brand to Empire Kosher Poultry Inc., Mifflintown, Pa. HPP is a joint venture betweenPegasus Capital Advisors, L.P. andThe Hain Celestial Group, Inc.
Officials said Empire expects to produce Kosher Valley products at its Mifflintown plant.
"We are pleased that HPP has entered into a letter of intent to exchange its Kosher Valley brand and customer relationships with Empire for an equity interest in Empire. We are delighted that this combination will expand the breadth of the product lines and their distribution reach," said Irwin D. Simon, a director of HPP. "Empire has been a premier brand in kosher poultry for many years, and Kosher Valley will benefit greatly from Empire's production capabilities and reputation for delivering high-quality products to a broad market. Hain Pure Protein has made significant investments over the last year in building Kosher Valley into the strong brand that it is today," said Simon.
"Kosher Valley will allow Empire to make strides in growing our company," said Greg Rosenbaum, Empire's chief executive officer. "We're impressed with the work that Kosher Valley has done in developing the kosher ABF product line and in building its distribution. Our combined volumes will improve operating efficiencies in our manufacturing plant, and allow us to offer much wider choice of products to consumers."
Under the terms of the letter of intent, Irwin Simon of Hain Celestial and Rodney Cohen of Pegasus Capital Advisors are expected to join Empire's board of directors. Other terms of the transaction were not disclosed.
Empire buying Hain's Kosher Valley poultry line
May 6, 2010