Hain Celestial divests WestSoy to Keystone Natural Holdings

US-based food company Hain Celestial has completed the sale of WestSoy’s tofu, seitan and tempeh businesses to Keystone Natural Holdings.

Keystone, a portfolio company of Keystone Capital, which primarily focuses on plant-based food companies, will operate the WestSoy brand of tofu, seitan and tempeh.

Hain Celestial president and CEO Mark Schiller said: “We are pleased to complete the strategic divestiture of the WestSoy tofu, seitan and tempeh businesses.

“This brand divestiture is in-line with the core objectives of our transformational strategic plan to reduce complexity and streamline our portfolio of brands to drive sustainable growth and shareholder value.”

Hain Celestial further added that the sale excludes the WestSoy plant-based beverage unit, which remains with the company.

Schiller further added: “We believe the WestSoy tofu, seitan and tempeh business, while not core to our strategy, will be a strong performer in the hands of an owner who is committed in this category and will continue to deliver innovative high-quality products to our customers.”

The companies have not disclosed the financial details of the deal.

Hain Celestial is engaged in the production of organic and natural products and has operations in North America, Europe, Asia and the Middle East.

In June 2017, Hain Celestial Group acquired Better Bean Company, a chilled prepared beans seller in Oregon.

The acquisition was said to be in line with Hain Celestial’s growth strategy and expanded its store perimeter product offerings.

Keystone Natural Holdings completed its acquisitions of J.P. Veggies and Superior Tofu in December 2017.