North Castle Partners to Sell Enzymatic Therapy, Inc. to Schwabe Pharmaceutical Group
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GREENWICH, Conn., Oct. 15 /PRNewswire/ -- North Castle Partners today announced that it has reached a definitive agreement to sell Enzymatic Therapy, Inc., a leader in the natural medicine and nutritional supplements category, to Nature's Way, a leader in herbal and nutritional science and a subsidiary of the Schwabe Pharmaceutical group. For North Castle Partners, a leading private equity firm focused exclusively on consumer businesses that benefit from "Healthy Living and Aging" trends, the transaction represents the fourth sale of a portfolio company to a strategic acquirer during the past two years. Terms of the transaction, which is subject to government approval, were not disclosed.
Chip Baird, Managing Director of North Castle Partners, said, "We are proud of our successful partnership with the Enzymatic management team. As a focused fund, North Castle identifies high-growth, niche segments within larger industries, and partners with extraordinary management teams to build great companies. The planned combination of Enzymatic Therapy and Nature's Way demonstrates the value that can be created from such an investment model. We believe that Enzymatic, as part of the Schwabe Pharmaceutical family of companies, is well positioned to continue its mission of providing quality products that improve health through natural solutions."
"North Castle's knowledge and network, including the strategic support of the firm's Operating Advisors, were instrumental in helping Enzymatic to become a leader in the natural medicine and nutritional supplements industry and developing Enzymatic as a company that would appeal to the Schwabe group," said Randy Rose, CEO of Enzymatic Therapy. "By aligning with Nature's Way and Schwabe, we will be able to combine the very best know-how of our companies. The highly ethical approach to delivering true natural medicines that improve lives is a core value for all three organizations and we look forward to advancing the natural health care solutions for the benefit of all."
Dr. Dirk Reischig, Chairman and CEO of Schwabe, said, "We are delighted that Enzymatic Therapy, Inc. will join the Schwabe group of companies. We believe that the complementary product portfolios and marketing know-how of Enzymatic Therapy and Nature's Way will significantly strengthen our presence in the US Market, which is one of Schwabe's strategic key markets for future growth."
Rory Mahony, CEO of Nature's Way, commented, "We look forward to leveraging the knowledge and expertise resident in our companies and to further enhancing the significant business growth that both Nature's Way and Enzymatic Therapy have achieved over the past several years. We believe the dedication of the companies to the development of quality products will benefit our customers in many ways."
The transaction was advised by Lincoln International, a leading mid-market investment bank, who acted as the exclusive financial advisor to Schwabe and Nature's Way, working directly with the Board of Directors and senior management teams of both companies. Morrison Cohen LLP served as legal counsel to Enzymatic Therapy and North Castle Partners.
About Enzymatic Therapy, Inc.
Enzymatic Therapy, Inc. (ETI) based in Green Bay, Wisconsin, is North America's leading manufacturer and distributor of over 300 dietary supplements and natural medicines. It is the first and only dietary supplement manufacturer that's an FDA-registered drug establishment and also a certified organic processor. For more than 30 years, ETI has provided a complete solution of the highest quality products, educational materials, services, and protocols for consumers and medical practitioners. The company's products and ingredients are collectively the subject of over 2,500 independent, peer-reviewed-published clinical trials and studies. For more information, visit www.enzy.com.
About North Castle Partners
North Castle Partners is a leading private equity firm focused exclusively on investments in consumer-driven product and service businesses that benefit from "Healthy Living and Aging" trends. North Castle is a hands-on, value-added investor in high-growth, middle market companies in the (i) aesthetics and personal care, (ii) consumer health, (iii) fitness and recreation, (iv) home and leisure and (v) nutrition industries.
North Castle's current portfolio includes such well-known brands as Atkins Nutritionals, gloProfessional, Red Door Spas, Performance Bicycle, Cascade Helmets, Octane Fitness and World Health Club. Prior portfolio company holdings include Equinox Fitness, EAS, CRC Health Group, Doctor's Dermatologic Formula, Naked Juice Company and Avalon Natural Products.
North Castle is led by a seasoned investment team including 15 proactive operating advisors who bring a wide range of operational and investment capabilities as well as an extensive knowledge base and network. The strength of the North Castle team, combined with our focus and network, provides significant competitive advantages in building world-class companies. North Castle is headquartered in Greenwich, CT. For more information, visit www.northcastlepartners.com.
About Schwabe Pharmaceuticals
As a vertically integrated pharmaceutical company, Schwabe carefully controls the manufacturing process from growing and harvesting the plants to the production of the finished goods. Schwabe products are sold in over 60 countries world-wide.
About Nature's Way
Nature's Way was founded in 1968, and has improved the life of millions of consumers by bringing the healing power of nature through herbal formulations. Nature's Way is headquartered in Springville, Utah, and its products are sold throughout leading natural products retailers throughout the United States and in 40 other countries.
Contact: Todd Fogarty
Kekst and Company
212-521-4854
todd-fogarty@kekst.com
SOURCE North Castle Partners
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