CHICAGO, IL – Keystone Natural Holdings (“KNH”), a portfolio company of Keystone Capital, Inc. (“Keystone”), is pleased to announce the completion of its acquisition of the WestSoy® tofu, seitan, and tempeh businesses from The Hain Celestial Group, Inc. (Nasdaq: HAIN) (“Hain Celestial”). The acquisition did not include the WestSoy® plant-based beverage business, which has been retained by Hain Celestial.
KNH is a leading plant-based, better-for-you food company with operations in the United States and Canada. The company’s authentic and health-conscious products from storied brands such as Nature’s Soy®, Franklin Farms™, and Superior Natural™ are proudly sold through mainstream and ethnic channels via retail, mass market, natural, specialty, and food service outlets. The company continues to actively pursue strategic acquisitions to further expand its portfolio of innovative products and better serve consumers seeking alternative proteins for all meal occasions. Please visit www.keystonenatural.com for more information.
This acquisition marks KNH’s third in the past 18 months and provides KNH with additional product capabilities as well as expanded manufacturing capacity in its existing tofu product line. All employees at the WestSoy® facility in Boulder, Colorado have been retained to continue to drive growth and product innovation. “We are excited to welcome WestSoy®’s exceptional people and better-for-you products to KNH,” said Kenny Sung, CEO of KNH. “Our strategy has been to focus on delivering innovative, high-quality, healthy plant-based food to the market. The WestSoy® acquisition is a great fit with that strategy.”
Terms of the transaction are not being disclosed. Senior debt financing was provided by Wintrust Bank. Legal counsel was provided to Keystone by Honigman Miller Schwartz and Cohn, LLP.
About Keystone Capital, Inc.
Keystone Capital, Inc. is a private investment firm based in Chicago, Illinois. Formed in 1994, its mission is to acquire and build a portfolio of exceptionally high quality, mid-sized businesses that are leaders in their markets. Keystone is differentiated by its investment of personal as opposed to third-party capital, which results in investment horizon flexibility an ability to enter into true long-term operating partnerships with the professional management teams of its companies.