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Kainos Capital Acquires Slim-Fast From Unilever

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slim fast nfKainos Capital has acquired the Slim-Fast brand from Unilever. Unilever will retain a minority stake in the business. The transaction includes the Slim-Fast trademark and the global Slim-Fast business portfolio.

Slim-Fast is a branded weight loss and meal replacement business that markets ready-to-drink shakes, powders, bars and snacks to retail customers throughout North America and in the United Kingdom and Ireland.  Slim-Fast was founded in 1977 and was acquired by Unilever in 2000.  Slim-Fast is headquartered near New York City in Englewood Cliffs, NJ (www.slimfast.com).

rosen nf2“We are tremendously excited to acquire the Slim-Fast business in partnership with Unilever. Slim-Fast is the most recognizable brand name in weight management and over the last twenty years has helped millions of people lead healthier lives,” said Andrew Rosen, Managing Partner of Kainos Capital.

Kainos Capital will make Slim-Fast part of its portfolio of health and wellness companies, which currently includes Milk Specialties Global, a whey protein manufacturer; InterHealth Nutraceuticals, an international provider of specialty nutraceutical ingredients; and Healthy Delights, an international branded marketer of supplement products including nutritional confection chews and multivitamins.

Chris Tisi, the CEO and founder of Healthy Delights, will become the CEO of Slim-Fast as well.  “There is great opportunity to grow the Slim-Fast brand which already benefits from the highest aided and unaided brand awareness in the weight management category. I look forward to working with our retail partners and driving consumer engagement with dynamic marketing support and new product innovation,” said Mr. Tisi.

Kainos Capital is a middle market private equity firm with an exclusive focus on the food and consumer sector.  The firm invests from $50 million to $150 million in equity in manufacturers and marketers of food products, as well as other consumer products in the household and personal care industries and over-the-counter health and nutritional products sectors. The overall strategy of Kainos is to build a diversified portfolio of growing and strategically relevant food and consumer businesses that trade buyers would like to acquire. The firm is based in Dallas (www.kainoscapital.com).

“Chris Tisi and his team have decades of experience in the diet and weight management category and are ready to give Slim-Fast the resources and entrepreneurial focus that will drive the brand to new heights,” said Mr. Rosen.

2014 PEPD • Private Equity’s Leading News Magazine • 7-11-14

North Castle Partners Acquires Jenny Craig from Nestle

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jenny craig nfNorth Castle Partners has entered into an agreement to acquire Jenny Craig, an iconic brand in the weight loss industry, from Nestle. North Castle will combine Jenny Craig with Curves International, an existing portfolio company that was acquired in August 2012.

“We are very excited to bring Jenny Craig into the North Castle family and to continue its 30-year tradition of providing consumers with dedicated one-on-one coaching and great tasting, clinically proven food to support their weight loss goals,” said Chip Baird, North Castle’s Founder and Managing Partner. “As a firm focused exclusively on consumer businesses that promote Health, Wellness, and Active Living, we were able to draw upon substantial experience from our current and prior investments in the weight loss, nutrition and fitness industries to evaluate the Jenny Craig opportunity and develop an investment plan that will revitalize the company.”

Jenny Craig is a weight loss, weight management, and nutrition company with more than 700 weight management centers in Australia, the United States, Canada, France, the United Kingdom, New Zealand, and Puerto Rico. Jenny Craig combines individual weight management counseling with a menu of frozen meals and other foods, which are distributed through its centers or shipped directly to clients. The company was founded in 1983 by Jenny Craig and her husband, Sidney Craig, in Melbourne, Australia and began operations in the United States in 1985. Today, the company is headquartered in Carlsbad, CA and has been a part of Nestlé Nutrition since 2006 (www.jennycraig.com).

Curves International is the largest women’s fitness club franchisor in the world with over 1.5 million members across 90 countries. Curves creates clubs specifically designed for women, offering members a convenient and effective workout in an environment that is safe and supportive. In 2012, Curves launched Curves Complete, a weight loss program developed in conjunction with the Cleveland Clinic. The company was founded in 1992 and is based in Woodway, TX (www.curves.com).

Upon completion of the transaction, Monty Sharma, the current chief executive officer of Curves, will become President and CEO of the combined Jenny Craig and Curves business.

“The Jenny Craig and Curves brands will continue to operate independently and provide health, fitness and weight loss solutions to different consumer segments,” said Jon Canarick, North Castle Managing Director. “We believe the two brands give us a unique opportunity to meet the distinct needs of consumers and provide an unmatched consumer value proposition.”

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 & personal care; consumer health; fitness, recreation & sports; home & leisure; and nutrition. North Castle is headquartered in Greenwich, CT (www.northcastlepartners.com).

“We are very optimistic about the future of the combined company and will work in partnership with management to leverage our knowledge and network across the weight loss, nutrition and fitness industries from our current and prior investments in Atkins, Equinox, World Health Club, EAS and Naked Juice,” concluded Mr. Canarick.

© 2013 PEPD • Private Equity’s Leading News Magazine • 11-7-13

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