Carlyle to Retain Significant Stake in
Global Manufacturer, Marketer and Distributor of Health and
Wellness Products
Global alternative asset manager, The Carlyle Group (NASDAQ:CG),
today announced that it is selling majority control of The Nature’s
Bounty Co., a global manufacturer, marketer and distributor of
health and wellness products, to KKR. Following the transaction,
which is expected to close by the end of 2017 and is subject to the
receipt of customary regulatory approvals and the satisfaction of
other customary closing conditions, KKR will be the majority owner
of Nature’s Bounty while Carlyle will retain a significant stake in
the company. Financial terms were not disclosed.
This announcement follows Nature’s Bounty’s recent agreement to
sell its UK-based Holland & Barrett retail chain to L1 Retail,
the retail investment arm of LetterOne. KKR is acquiring a majority
stake in the remaining business of Nature’s Bounty, known as the
Consumer Products Group (CPG).
Headquartered in Ronkonkoma, NY, Nature’s Bounty’s CPG business
is a global market leader in wellness products. Putting science and
the highest quality standards at the heart of its business, The
Nature’s Bounty Co. has developed CPG brands that are among the
most recognized and trusted in the world. The company’s commitment
to excellence and vision for health and wellness has inspired
brands such as Nature’s Bounty, Sundown Naturals, Solgar, Osteo
Bi-Flex, MET-Rx, Pure Protein, Body Fortress, Puritan’s Pride and
Organic Dr., among others.
Nate Taylor, Member & Head of Consumer Retail at KKR, said:
“Nature’s Bounty is a unique consumer health and wellness platform
that has built an outstanding reputation for developing distinctive
brands and high quality products. We are excited to partner with
the management team to grow Nature's Bounty's global
franchise.”
Steve Cahillane, President & CEO, The Nature’s Bounty Co.,
said, “We are delighted to move forward with KKR and excited to
pursue the significant growth opportunities ahead in a dynamic and
expanding global wellness industry. We have transformed the
business during our partnership with Carlyle, and we look forward
to their continued involvement and support.”
Elliot Wagner, Managing Director of The Carlyle Group, said,
“While we close one chapter in our ownership of Nature’s Bounty, we
are pleased to remain part of its future. We’ve supported
significant investments in new management talent and functional
capabilities, strengthened the branded portfolio and optimized the
operations, creating a strong foundation for future growth. We look
forward to our partnership with KKR as we continue to build
Nature’s Bounty as a global leader in wellness products.”
Equity capital for the transaction comes primarily from KKR’s
Americas XII fund. Carlyle invested in Nature’s Bounty in 2010 via
Carlyle Partners V, a $13.7 billion U.S. buyout fund, and Carlyle
Europe Partners III, a €5.4 billion European buyout fund.
Carlyle was advised in the transaction by Goldman Sachs,
Houlihan Lokey, UBS Investment Bank, Latham & Watkins,
PricewaterhouseCoopers and The Boston Consulting Group. KKR was
advised in the transaction by Simpson Thacher & Bartlett and
Deloitte.
About The Nature’s Bounty Co.
The Nature’s Bounty Co. has a history of championing health and
wellness tracing back 145 years. Putting science and the highest
quality standards at the heart of its business, the brands of The
Nature’s Bounty Co. are some of the most recognized and trusted in
the world. As a leading global manufacturer, marketer, distributor
and retailer of vitamins, nutritional supplements, sports &
active nutrition and ethical beauty products, The Nature’s Bounty
Co. is committed to supporting wellness in all its forms. For more
information, please visit: www.NaturesBountyCo.com.
About KKR
KKR is a leading global investment firm that manages investments
across multiple asset classes including private equity, energy,
infrastructure, real estate, credit and hedge funds. KKR aims to
generate attractive investment returns by following a patient and
disciplined investment approach, employing world‐class people, and
driving growth and value creation at the asset level. KKR invests
its own capital alongside its partners' capital and brings
opportunities to others through its capital markets business.
References to KKR's investments may include the activities of its
sponsored funds. For additional information about KKR &
Co. L.P. (NYSE:KKR), please visit KKR's website
at www.kkr.com and on Twitter @KKR_Co.
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset
manager with $162 billion of assets under management across 287
investment vehicles as of March 31, 2017. Carlyle’s purpose is to
invest wisely and create value on behalf of its investors, many of
whom are public pensions. Carlyle invests across four segments –
Corporate Private Equity, Real Assets, Global Market Strategies and
Investment Solutions – in Africa, Asia, Australia, Europe, the
Middle East, North America and South America. Carlyle has expertise
in various industries, including: aerospace, defense &
government services, consumer & retail, energy, financial
services, healthcare, industrial, real estate, technology &
business services, telecommunications & media and
transportation. The Carlyle Group employs more than 1,550 people in
31 offices across six continents.Web: www.carlyle.comVideos:
www.youtube.com/onecarlyleTweets:
www.twitter.com/onecarlylePodcasts:
www.carlyle.com/about-carlyle/market-commentary
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version on businesswire.com: http://www.businesswire.com/news/home/20170724005392/en/
The Carlyle GroupJordan DeJarnette,
202-729-5025Jordan.DeJarnette@carlyle.comorThe Nature’s Bounty
Co.Jodi Katz, 631-200-7491JodiKatz@nbty.comorKKRKristi Huller or
Cara Kleiman, 212-750-8300media@kkr.com
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