New Heritage Capital has made an investment in Icelandirect, an importer, manufacturer and packager of marine oils and nutraceutical products.
Since its founding in 2010, Icelandirect has expanded from a singular importer of Icelandic fish oils to a diversified importer, manufacturer, and packager. The company’s sea-based products include Omega-3, Cod Liver Oil, Tuna Oil, Shark Liver Oil, Wild Alaskan Salmon Oil, and Krill Oil. Icelandirect also provides other nutrients, including Astaxanthin, Vitamins A, D & E, Saw Palmetto, Flaxseed and Biotin.
Icelandirect’s products are available in bulk or as softgels, emulsions, powders, capsules, liquid-packaged, and softgel-bottled.
Heritage invested in Icelandirect through its “Private IPO” strategy which leaves operating control in the hands of Icelandirect’s reinvesting co-founders while providing them with liquidity and financial flexibility to accelerate future growth.
“When we began the search for a partner, we were hoping to find someone who could help take our business to the next level, but not at the expense of our culture and commitment to customer success,” said Mark Stenberg, a co-founder and the retiring CEO of Icelandirect. “I am excited to support this next phase of Icelandirect’s growth as a member of the company’s board of directors.”
Co-founder Brandon Miller will become the new CEO of Icelandirect. “We are thrilled to be partnering with Heritage, who is supportive of our vision for the future,” said Mr. Miller. “We look forward to working with the Heritage team to execute on our exciting growth objectives.”
“We could not be more excited to partner with Brandon and the entire team at Icelandirect to help drive continued growth in the business,” said Melissa Barry, a partner at Heritage. “We’re impressed with Icelandirect’s position as an invaluable partner to its customers and look forward to supporting the company as it continues to diversify its ingredient offering and expand its in-house capabilities.”
New Heritage invests from $15 million to $40 million of minority or majority equity in companies with $4 million to $20 million of EBITDA. Sectors of interest include business services, healthcare and manufacturing. The firm was founded in 2006 and is headquartered in Boston.
Brown Gibbons Lang was the financial advisor to Icelandirect on this transaction.
© 2021 Private Equity Professional | August 20, 2021
