Hain Celestial completes takeover of rice brand Tilda

Hain Celestial, a US-based natural and organic food products producer, has bought Tilda, a branded basmati and speciality rice products provider, in a $357m deal.

Established in 1972, Tilda offers more than 60 dry rice and ready-to-heat branded products under the Tilda, Akash Basmati and Abu Shmagh brands.

The company caters to consumers in over 40 countries primarily in the UK, the Middle East and North Africa (MENA), continental Europe, North America and India.

For the fiscal 2013, Tilda generated revenues of $190m, and it is expected to be accretive to Hain Celestial’s adjusted earnings in the second half of 2014, contributing up to $0.10 per diluted share.

The acquisition expands Hain Celestial’s presence into the premium basmati rice category along with other speciality rice products.

Hain Celestial founder president and CEO Irwin D. Simon said: "We plan to grow the Tilda brand further using our existing solid distribution platform in the US, Canada and Europe with basmati and ready-to-heat rice product offerings.

"Additionally, Tilda’s existing, fast-growing markets in MENA and India provide us with new markets for expansion of our global brands including Earth’s Best®, Ella’s Kitchen®, Celestial Seasonings®, Terra®, Rice Dream® and Almond Dream®, to name a few."

Simon added: "Tilda is an important part of Hain Celestial’s worldwide expansion to offer organic and natural products to a global consumer base as we continue to strive to ‘change the way the world eats’ with nutritious product offerings."

The company was advised by Jefferies and DLA Piper, while Tilda was advised by Rothschild and Dechert on the transaction.