Agreed for an undisclosed fee, Hain said that it had completed its first step in its divestiture of the Hain Pure Protein operating segment to Plainville Brands, which is a Delaware-based limited liability company backed by a group of private investors.
Plainville Farms is an organic turkey and deli brand that raises its poultry on family farms. The business prides itself on never administering antibiotics to its livestock and employs between 500-1,000 employees, according to its LinkedIn page.
Hain’s, which has operations in North America, Europe, Asia and the Middle East, said Plainville did not contribute to earnings or cash flow in fiscal year 2018 and the transaction process remained ongoing.
Headquartered in Lake Success in New York, Hain’s works alongside renowned natural category brands such as Rudi’s Organic Bakery, Mary Berry (under licence) and Almond Dream to produce a range of products.
The company added that the sale would be finalised in the coming months.