Hain Celestial launches 'Cultivate' Ventures
Beena Goldenberg has been appointed CEO of the strategic platform that will focus on smaller portfolio brands, lifestyle concepts
Hain Celestial Group, Inc., has announced the official launch of its Cultivate Ventures ("Cultivate") platform. Hain Celestial is a leading organic and natural products company with operations in North America, Europe and India providing consumers with “A Healthier Way of Life.” The new strategic platform within Hain Celestial is dedicated to investing behind lifestyle brands, smaller portfolio brands and concepts as well as incubator opportunities, which should benefit from the larger scale and leverage of Hain Celestial's infrastructure and entrepreneurial roots while contributing to net sales and margin growth.
The Company plans to strategically invest with a dedicated, creative focus for refresh and relaunch; to incubate small acquisitions until they reach the scale for the Company's core platforms; and to invest in lifestyle brands, concepts, products and technology, which focus on health and wellness. Cultivate's brands include: BluePrint, DeBoles, SunSpire, Tilda and Yves Vettie Cuisine.
Cultivate will utilize several teams, including marketing, sales and supply chain, to reinvigorate its brands. Taking the entrepreneurial mindset to heart, the teams are charged with treating each brand as a startup, to quickly innovate concepts, product lines and categories.
Beena Goldenberg has been appointed Chief Executive Officer of Cultivate reporting to Irwin Simon, founder, President and CEO of Hain Celestial. Goldenberg is also CEO of Hain Celestial Canada, and she will oversee Cultivate's mission to grow strategic investments and act as an incubator of small acquisitions until they reach scale for inclusion in the Company's core platforms: Fresh Living; Better-for-You Baby; Better-for-You Snacking, Better-for-You Pantry; and Pure Personal Care.
New brands will benefit from CEO
"Since Hain Celestial's inception, we have invested in health and wellness brands and concepts, giving them the infrastructure to grow. We formed Cultivate Ventures to bring that legacy to our high potential brands, investing in teams with support and focus to help them thrive," said Simon. "Beena is now responsible for all aspects of Cultivate, including defining strategic direction, top-line revenue and profitability. Teams that include marketing, sales and supply chain functions will work with Beena to develop Cultivate and catalyze growth of the brands, along with identifying smaller acquisition and investment targets. These brands will benefit from Beena's proven track record in growing our Canadian subsidiary—both organically and through acquisitions over the past decade."
"Cultivate Ventures will renew our Company's entrepreneurial spirit and reaffirm Hain Celestial's position as the leader to create and inspire consumers with 'A Healthier Way of Life,'" said Goldenberg. "Cultivate will rely on key learnings from Hain Celestial's history of growing acquisitions by offering smaller brands access to our unique sourcing opportunities, manufacturing facilities and best practices in marketing and distribution in the natural and organic industry."
During fiscal year 2016 the wholly-owned Cultivate brands generated approximately $70 million in net sales. Cultivate will be managed under the Rest of World segment along with Hain Celestial Canada and Hain Celestial Europe. The Company expects the brands will require investment and be neutral in earnings contribution in fiscal year 2017. As previously announced, the Company has also identified certain brands representing approximately $30 million in net sales that no longer fit into its core strategy for future growth, which it plans to divest.