The Hain Celestial Group Inc., the parent company of Celestial Seasonings, has increased its holdings in Boulder by acquiring the locally bred Rudi's Organic Bakery for $61.3 million in cash and stock, officials announced Monday.
Rudi's, which was a portfolio company of Charterhouse Equity Partners LLC, posted $60 million in net sales last year, Hain Celestial officials said in a statement.
Rudi's has about 230 employees in Boulder and the company recently expanded its facility to accommodate for the production of gluten-free items. The company was awarded a $50,000 flexible rebate business incentive from the city of Boulder earlier this year.
Rudi's has about 60 products, including organic breads, bagels, wraps and soft pretzels.
"As a company committed to driving product innovation, we plan to build upon Rudi's leadership position and see the opportunity to take Rudi's into other categories where the brand does not have products today," Irwin D. Simon, president and chief executive officer of Hain Celestial, said in a statement.
"We have a proven ability to expand great brands and products into various channels of distribution including the conventional, mass and club channels where we see significant opportunities for increased distribution."
Hain Celestial's brands include Arrowhead Mills, Spectrum and Terra Chips, and the company has more than 270 employees in Boulder at its Celestial Seasonings and WestSoy Tofu sites.
Denise Day, senior marketing manager for Rudi's, deferred comment to Hain Celestial. Officials for the Lake Success, N.Y.-based Hain Celestial (Nasdaq: HAIN, $83.50) said the operations at Rudi's site in Boulder will continue.
"Hain Celestial is pleased to be increasing our presence in the Boulder community and we look forward to operating Rudi's facilities as part of our company," Hain Celestial officials said in an e-mail to the Daily Camera.
Hain Celestial's conference call on May 8 for the company's fiscal third-quarter earnings is expected to include remarks about the Rudi's acquisition, according to Monday's news announcement.
Contact Camera Business Writer Alicia Wallace at 303-473-1332 or firstname.lastname@example.org.