Hain Celestial to Buy Avalon Natural for $120 Million

MELVILLE, N.Y. -- Natural and organic food and personal care products supplier Hain Celestial Group Inc. here is expanding its product portfolio by buying Avalon Natural Products, Inc. for $120 million in cash.

Hain, whose brands include Garden of Eatin', Earth's Best and Celestial Seasonings, said it has agreed to buy the unit from private equity firm North Castle Partners LLC.

"With this acquisition Hain Celestial will have a strong foundation in the personal care market with sales of $125 million," Hain president and chief executive Irwin D. Simon said in a statement.

Avalon brands represent skin care, hair care, bath and body, and sun care, and include Avalon Organics and Alba Botanica.

Hain said it expects the deal to close in early 2007.
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