The Hain Celestial Group, Inc. announced the acquisition of Belvedere International, Inc., which owns the Live Clean brand as several mass market brands sold primarily in Canada and manufactured in a company facility in Ontario, Canada.
"We are excited by the acquisition of the Live Clean brand, which expands our presence in the personal care category and complements our Avalon Organics, Alba Botanica and Jason brands that we sell into Canada," said Irwin D. Simon, founder, president and CEO, Hain Celestial. "This acquisition increases the scale of our Canadian operations to over $150 million in net sales, and provides us with opportunities for sales expansion and cost efficiencies as we leverage our existing infrastructure in Canada and our manufacturing and research and development expertise in personal care."
The Live Clean brand, according to the acquisition press release, is the leading natural hair care and baby care brand in Canada. In calendar year 2014, Belvedere had approximately $25 million in net sales, and is expected to be accretive to Hain Celestial's earnings in fiscal year 2016. Belvedere, which was founded by Rocco Donald Belvedere in 1981, was a family-owned company led by Larry Romagnuolo, president and CEO.
"The Live Clean brand establishes a personal care base of operations in Canada for Hain Celestial, which can serve as the foundation for the continued growth of all our personal care brands and provide us with an opportunity to expand the brand beyond the Canadian mass channel," said Beena Goldenberg, president, Hain Celestial Canada.
"I am pleased the employees of Belvedere are joining Hain Celestial Canada, who can ensure the next level of growth for the personal care business established by my family 34 years ago, and I look forward to working with Beena Goldenberg and the Hain Celestial team in pursuing new opportunities," said Romagnuolo.