- Hain Celestial’s Cultivate Ventures has acquired food startup Better Bean, according to Food Business News. Founded in 2010, Better Bean offers eight varieties of chilled prepared beans and bean-based dips that are gluten free, certified vegan and Non-GMO Project verified.
- Incubator and investment arm Cultivate Ventures was launched by Hain Celestial last November to invest in small lifestyle brands and startups. The Better Bean deal marks the first acquisition for the platform, as well as the first transaction under the company’s retooled c-suite structure.
- “Better Bean is well suited for the Cultivate Ventures portfolio, given our focus on the perimeter of the store with our BluePrint functional beverages, Yves Veggie Cuisine vegetarian offerings and Health Valley refrigerated soup products,” CEO of Cultivate Ventures and Hain Celestial Canada Beena Goldenberg stated in a press release.
Now that its financials are in order and Hain Celestial has cleared its name, the natural and organic manufacturer can get back to focusing on growth. The company didn't waste any time, announcing its first acquisition within a week of reporting its financials.
Hain’s mission is to be the leading marketer, manufacturer and seller of organic and natural better-for-you products. Better Bean’s culture is based on using nutrient-rich ingredients with no artificial flavors, colors or preservatives sourced from organic or sustainable farms. It is committed to promoting healthy lifestyles, so it aligns well with Hain-Celestial's goals.
Better Bean products are sold on the store’s perimeter, a higher growth area than center store, where many beans are sold in dried and canned forms. Recently, Hain has focused on growing perimeter categories with brands like Health Valley refrigerated soups and Yves Veggie Cuisine vegetarian products. The newly acquired company's products also sync well with several food trends on the horizon, including good-for-you, gluten free, sustainable and non-GMO.
Founded in 1993, Hain has acquired more than 55 natural and organic brands. The company was on a fast growth course until uncertainty surrounding its financials last year muddied its path. With its accounting challenges now behind it, Hain appears on track to return to healthier growth in the years ahead. It will be interesting to see if the company once again becomes an acquisition target for a large food manufacturer looking to make a splash in the natural and organic sector.