US natural and organic foods group Hain Celestial has sold assets of its WestSoy business to Keystone Natural Holdings, a portfolio company of Keystone Capital, which focuses on plant-based food.
The WestSoy tofu, seitan and tempeh assets are included in the sale – for an undisclosed sum – but the deal does not include the WestSoy plant-based beverage business, which has been retained by Hain Celestial.
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It is the company’s second divestment in three months.
Mark Schiller, Hain Celestial’s president and chief executive officer, said: “We are pleased to complete the strategic divestiture of the WestSoy tofu, seitan and tempeh businesses. This brand divestiture is in-line with the core objectives of our transformational strategic plan to reduce complexity and streamline our portfolio of brands to drive sustainable growth and shareholder value.
“We believe the WestSoy tofu, seitan and tempeh business, while not core to our strategy, will be a strong performer in the hands of an owner who is committed in this category and will continue to deliver innovative high-quality products to our customers.”
In February, Hain Celestial, which owns brands such as Clarks, Earth’s Best and Ella’s Kitchen, sold its Plainville Farms turkey business to Plainville Brands.
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By GlobalData
