Hain Celestial Group Inc., a Lake Success-based organization specializing in organic and natural food products, announced its acquisition of Better Bean Co., a small business selling prepared beans.
This is the first acquisition by Hain Celestial’s Cultivate Ventures, which was first announced in November last year, according to the company. No purchase price was disclosed.
Cultivate Ventures aims to invest in smaller companies with high growth potential. The purchase of Better Bean aims to “augment Haint Celestial’s offerings in the perimeter of the store,” according to a press release.
Keith Kullberg, co-founder and Chief Executive Officer of Better Bean, said Hain’s resources will help his company.
“We expect to catapult Better Bean’s growth by leveraging Hain Celestial’s strength in sales, distribution, marketing and brand building, which should allow more consumers to experience Better Beans,” Kullberg said in a statement.
Better Beans, founded in 2010 by father-daughter duo Keith and Hannah Kullberg, aims to make eating beans tasty and healthy. Their website describes the company as providing an alternative to canned beans with a line of ready-to-eat beans sold in chilled deli tubs.
Better Beans are slow-cooked by hand with locally sourced ingredients and come in eight varieties. each product is vegan, gluten-free, soy-free and non-GMO project certified, the company said.
“Hain Celestial’s decades’ long commitment to making healthier, better-for-you food more accessible compliments Better Beans’ mission to bring the world clean, tasty and convenient beans,” Kullberg said.
This builds upon the fundamental mission of Project Terra, announced in fiscal 2016, which calls for investing in top brands, saving company costs and growing globally.
In fiscal 2016, the company reported net sales of $2.9 billion, a roughly 11 percent increase compared to the previous year. Net sales in the first nine months of 2017, however, have been relatively flat, with $2.1 billion in net sales so far.
Hain Celestial has investments and partnerships with numerous brands around the world, with companies in North America, Europe and India.