Hain Pure Protein Enters Into Credit Facility Agreement

MELVILLE, N.Y., July 6 /PRNewswire-FirstCall/ -- The Hain Celestial Group, Inc. (Nasdaq: HAIN), a leading natural and organic products company, announced today that it had reached agreement with Pegasus Capital Advisors L.P. under which Pegasus acquired a controlling interest in the Hain Pure Protein joint venture with the issuance of new shares of Hain Pure Protein. As a result, Pegasus will own approximately 51% of the Hain Pure Protein equity, while Hain Celestial will own 49%. In addition, Hain Pure Protein entered into a $30 million credit facility with Wachovia Bank, N.A.

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With its increased equity ownership in Hain Pure Protein, Rodney Cohen, Co-Managing Partner of Pegasus, has been appointed Chairman of the Board of Directors of the joint venture. Jay Lieberman, formerly Vice President--Financial Planning and Analysis at Hain Celestial, has been appointed Hain Pure Protein's Chief Operating Officer and Chief Financial Officer. Reporting to Jay Lieberman will be Joseph A. DePippo, President--Sales, Marketing and Chicken Operations and James C. Reed, President of Turkey Operations.

Rodney Cohen, Chairman of Hain Pure Protein, stated, 'As we continue to work with Hain Celestial, we're excited about the continued opportunities for Hain Pure Protein. Hain Pure Protein is positioned for continued growth in a growing category as a leader in the natural, antibiotic-free, vegetarian fed chicken and turkey market.'

Hain Pure Protein Corporation was formed in July, 2005 to establish FreeBird Chicken, which specializes in natural, organic and antibiotic-free chicken. In August 2007 Hain Pure Protein acquired the assets of Plainville Turkey Farm, Inc., a leading supplier of natural and antibiotic-free whole turkeys and deli turkey products in the Northeast and Mid-Atlantic, and in March 2008, the Company expanded its turkey operations with the acquisition of a facility in New Oxford, Pennsylvania. Earlier this year, Hain Pure Protein commenced operations of the Kosher Valley(TM) brand, a new certified kosher brand of all-natural, antibiotic-free, vegetarian fed and humanely raised chicken and turkey products.