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Hain-Celestial Purchases Yves Veggie CuisineHain-Celestial Purchases Yves Veggie Cuisine

June 26, 2001

2 Min Read
Hain-Celestial Purchases Yves Veggie Cuisine

Hain-Celestial Purchases Yves Veggie Cuisine

UNIONDALE, N.Y.--The Hain Celestial Group, based here, on June 11 acquiredYves Veggie Cuisine, a privately owned company based in Vancouver, B.C. Withthis merger, we will establish Hain Celestials Canadian headquarters inVancouver and leverage Yves presence in Canada to better recognize thepotential of the Canadian market for all Hain Celestial products through bothnatural food and grocery channels, said Irwin Simon, chief executive officerof the Hain Celestial Group.

This is a very positive move, said Roy Kingsmith, marketing director ofYves Veggie Cuisine. It allows us to capitalize on synergies with respect towarehousing, freight, shipping and other basics, and it will also allow us toexpand our profile and position within the natural foods category.

During year 2000, Yves revenues were Canadian $50 million, with 72 percent ofsales volume generated from leading conventional grocers and mass-marketretailers. The meat analog market is estimated at Canadian $1.8 billion per yearand is expected to grow by approximately 25 to 30 percent annually, especiallyin the European and U.S. markets. These revenues and expected growth, along withYves presence in mainstream groceries and its 85 percent market share inCanada, are expected to benefit Hain by giving the brand more exposure. Iexpect we will become more closely involved with some of the other Hainproducts, with respect to assisting in sales and marketing, specifically inCanada, Kingsmith said. Hain has acquired Yves, but certainly the businessmentality will be based on a partnership--how can we help them, how can theyhelp us.

Our partnership with Yves creates other important growth opportunities forthe Hain Celestial Group, Simon said. Yves is a proven leader in therapidly growing category of meat and cheese alternatives. Together we willmaximize distribution opportunities throughout North America for Yves.

Yves Potvin, founder and president of Yves Veggie Cuisine, will continue in amanagerial role of Canadian operations, and he has joined the Hain board ofdirectors. Kenneth Bolton, Yves executive vice president and chief financialofficer, will work with Hain to promote international distribution.

Yves Veggie Cuisine (www.yvesveggie.com)is a manufacturer and marketer of all-natural, soy-based meat analog products;its products will continue to be marketed under the Yves name. The company hasapproximately 250 employees and a state-of-the-art 53,000-squarefoot-manufacturing facility in Vancouver, which will remain intact. The HainCelestial Group (www.thehainfoodgroup.com)is a natural, specialty and snack food company.

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