nutritional supplements

Wind Point Buys FoodScience

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Wind Point Partners has acquired FoodScience, a maker of nutritional supplements for humans and pets.

FoodScience’s branded and private label nutritional supplements are available as chews, capsules, liquids, powders, soft gels, and tablets in a variety of packaging options including bottles, pouches, jars, droppers and sprayers.

Company-owned brand names include DaVinci, VetriScience, and Pet Naturals. The company sells its products through a combination of practitioner channels, direct-to-consumer e-commerce, and retail distribution.

Vermont-headquartered and family-owned FoodScience was founded in 1973 by Guido and Maria Orlandi. Wind Point is partnering on this transaction with CEO Sharon Rossi, who joined the company in 2017, and other members of FoodScience’s management team.

“Wind Point’s investment team understands consumer goods, the pet industry and the supplement industry, and is experienced in both retail and e-commerce channels,” said Ms. Rossi. “FoodScience and Wind Point share values such as commitment to community and affirming corporate culture. I am optimistic about this investment; it is a win for our customers, employees and Vermont neighbors.”

Prior to joining FoodScience in 2017, Ms. Rossi was the chief customer officer at publicly traded beauty products company Coty, the general manager of the consumer lifestyle division of Dutch multinational Philips, and senior marketing executive at UK multinational Unilever.

“FoodScience is a very strong competitor in the human supplements market with its long history of quality, efficacy and safety,” said Paul Peterson, a managing director at Wind Point. “It is a pioneer in the animal health industry, formulating animal supplements and treats. Amidst changing consumer buying behavior and elevated focus on health and wellness, FoodScience is well-positioned to capitalize on the acceleration of eCommerce and growth in human and pet nutritional supplements.”

Advising Wind Point on this transaction were executives Katie Doyle, the former CEO of Swanson Health Products and president of Abbott Nutrition US; Chris Hornung, the former CEO of Pacific Cycle, a past Wind Point portfolio company; and Bob Shipley, the former CEO of FoodScience from 2014 to 2017 and the former CEO of Hartz Mountain. These three executives have all agreed to join FoodScience’s board of directors with Ms. Doyle as the chairperson.

Chicago-based Wind Point invests from $50 million to $100 million in companies with EBITDA of at least $10 million. Industries of interest include business services, consumer products and industrial products. The buy of FoodScience is Wind Point’s fifth platform acquisition of a family or entrepreneur-owned business in the last 18 months.

Wind Point is currently investing out of Wind Point Partners IX which closed in February 2021 with $1.5 billion of capital. Fund IX is the largest fund ever raised by Wind Point.

© 2021 Private Equity Professional | March 23, 2021

CCMP Adds On to Jamieson Laboratories

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Jamieson Laboratories, a maker of branded vitamins, minerals and supplements and a portfolio company of CCMP Capital Partners, has acquired Body Plus, a maker of natural health and sports nutrition supplements.

Body Plus sells its nutritional therapies and sports supplements through more than 2,000 Canadian retail locations and employs more than 140 people across Canada, with manufacturing based in Toronto and a distribution center near Vancouver in Burnaby, BC. Company owned brand names include Progressive, Progressive Organics, Precision All Natural, Heartland Gold, Waist Away, and Iron Vegan. The company also provides private label manufacturing through its Sonoma Nutraceuticals division (www.bodyplus.ca).

Jamieson Laboratories was founded in 1922 and is Canada’s oldest and largest manufacturer and distributor of vitamins, minerals, concentrated food supplements, herbs and botanical medicines. The company also owns Nutricorp, a private label manufacturer, and women’s natural health brand Lorna Vanderhaeghe Health Solutions.  Jamieson has a manufacturing facility in Windsor, ON (near Detroit) and has its headquarters in Toronto (www.jamiesonvitamins.com). The company was acquired by CCMP in 2014.

“The acquisition of Body Plus will further accelerate Jamieson’s already-strong growth by expanding our reach into the fast-growing sports nutrition and specialty retail channels,” said Mark Hornick, President and CEO of Jamieson.

CCMP specializes in middle market buyouts and growth equity investments of $100 million to $500 million in North America and European companies. The firm typically invests $100 million to $500 million of equity per transaction in companies with enterprise values of $250 million to $2 billion. Sectors of interest include consumer/retail, industrial, chemicals/energy, and healthcare. CCMP is headquartered in New York with additional offices in Houston and London (www.ccmpcapital.com).

“Attracting an iconic Canadian company of Jamieson’s stature is a testament to the innovation of Body Plus’ products, brands and team,” said Norm Danniels, President and Founder of Body Plus. “Through this acquisition, Body Plus will have the resources it needs to grow and meet the needs of its rapidly expanding consumer base.”

Houlihan Lokey (www.HL.com); White Point Capital (Toronto) led by Andrew Durnford; and Bank of Montreal (www.bmo.com) were financial advisors on this transaction.

© 2017 Private Equity Professional | February 7, 2017

North Castle Sells Doctor’s Best

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North Castle Partners has sold Doctor’s Best, a distributor of branded nutritional supplements, to publicly traded Xiamen Kingdomway Group. North Castle acquired Doctor’s Best in January 2014.

Doctor’s Best is a marketer and distributor of branded nutritional supplements, with more than 300 products sold through the Internet and brick-and-mortar retail.  The company is led by CEO Gale Bensussen and is headquartered in Irvine, CA (www.drbvitamins.com).

“Our investment in Doctor’s Best illustrates North Castle’s ability, as a focused fund, to leverage knowledge, network and expertise to provide a company with growth opportunities and set a path for ongoing success,” said Chip Baird, CEO and Founder of North Castle Partners.

North Castle makes control investments in consumer-driven product and service companies located in North America with enterprise values ranging from $50 million to $500 million.  Sectors of interest include beauty and personal care; consumer health; fitness, recreation and sports; home and leisure; and nutrition.  North Castle is headquartered in Greenwich, CT (www.northcastlepartners.com).

“With nearly two decades of experience in the healthy, active and sustainable living market, our extensive network of relationships in this industry, coupled with our experience in and knowledge of the category, provided insights that we believe helped Doctor’s Best develop into a strategically important part of Kingdomway’s future,” said Alison Minter, Managing Director of North Castle Partners.

Xiamen Kingdomway Group is a nutrition company that sells its products through retail stores in Singapore, sales outlets throughout Southeast Asia, a joint venture in Japan and wholly owned subsidiaries in the United States, including Vit-Best Nutrition. The company was founded in 1997 and is traded on the Shanghai Stock Exchange (SHE: 002626). The group has 1,500 employees and is headquartered in Xiamen, China (www.kingdomway.com).

© 2016 Private Equity Professional • 6-16-16