PARK CITY, Utah, Aug. 23, 2017 /PRNewswire/ -- Nutraceutical
International Corporation (NASDAQ: NUTR) ("Nutraceutical" or the
"Company") today announced that HGGC, a leading middle-market
private equity firm, has completed its previously announced
acquisition of the company for $41.80
per share in cash. The transaction was originally announced on
May 22, 2017, and was approved by
Nutraceutical's shareholders on August 21,
2017.
With the completion of the transaction, Nutraceutical's common
stock will cease trading and no longer be listed on the NASDAQ
Stock Exchange.
"We are excited to complete our investment in this great
company, and we look forward to working with the Nutraceutical team
in its next phase of growth and evolution," said Les Brown, Managing Director and COO of HGGC,
who becomes Executive Chairman of the Company. "We are confident
there is a tremendous opportunity for the company to continue to
build on its strong market position and to bring more great
products to its loyal customers."
Concurrent with the closing of the transaction, Nutraceutical
founder, Chairman and CEO, Frank W. "Bill" Gay II announces his
retirement after leading the company for nearly 25 years. He is
succeeded as CEO by Chad J.
Clawson.
"Since founding Nutraceutical with other key management 24 years
ago, I have decided it's time to spend more time with family and
supporting some causes I care about. I truly will miss other
members of the Nutraceutical management team, our hard-working
employees and all our loyal customers," Gay said. "This is a
tremendous company and industry, and I will look back fondly on my
years at Nutraceutical. I believe that HGGC is the best partner we
could have hoped to find and that Nutraceutical's best days are yet
to come."
"We have endless appreciation for what Bill Gay has accomplished with Nutraceutical,
not only building an incredible company, but also truly helping to
shape and professionalize the natural products industry," said
Steve Young, Co-Founder and Managing
Director of HGGC. "We, at HGGC, and Chad are committed to upholding
the high standard Bill has set, and we wish him the best for a
well-deserved retirement."
Clawson has had an exceptional career as a Senior Operating
Executive, including serving as President of Manufacturing and
Distribution at Nutraceutical from 1999 to 2005. He comes to
Nutraceutical from Service Experts, one of the largest HVAC
equipment and service providers in North
America, where he held the position of Chief Officer of
Operational Excellence.
About Nutraceutical International Corporation
Nutraceutical is an integrated manufacturer, marketer,
distributor and retailer of branded nutritional supplements and
other natural products sold primarily to and through domestic
health and natural food stores. Internationally,
Nutraceutical markets and distributes branded nutritional
supplements and other natural products to and through health and
natural product distributors and retailers. Nutraceutical's
core business strategy is to acquire, integrate and operate
businesses in the natural products industry that manufacture,
market and distribute branded nutritional supplements.
Nutraceutical believes that the consolidation and integration of
these acquired businesses provides ongoing financial synergies
through increased scale and market penetration, as well as
strengthened customer relationships.
Nutraceutical manufactures and sells nutritional supplements and
other natural products under numerous brands, including Solaray®,
KAL®, Dynamic Health®, Nature's Life®, LifeTime®, Natural Balance®,
NaturalCare®, Health from the Sun®, Zhou Nutrition®, Pioneer®,
Nutra BioGenesis®, Life-flo®, Organix South®, Heritage Store® and
Monarch Nutraceuticals®.
Nutraceutical owns neighborhood natural food markets, which
operate under the trade names The Real Food Company™, Thom's
Natural Foods™, Cornucopia Community Market™ and Granola's®.
Nutraceutical also owns health food stores, which operate under the
trade name Fresh Vitamins®.
Nutraceutical manufactures and/or distributes one of the
broadest branded product lines in the industry, with approximately
7,500 SKUs, including approximately 750 SKUs exclusively sold
internationally. Nutraceutical believes that, as a result of
its emphasis on innovation, quality, loyalty, education and
customer service, its brands are widely recognized in health and
natural food stores and among their customers.
About HGGC
HGGC is a leading middle-market private equity firm with
$4.3 billion in cumulative capital
commitments. Based in Palo Alto,
Calif., HGGC is distinguished by its "Advantaged Investing"
model that enables the firm to source and acquire scalable
businesses at attractive multiples through partnerships with
management teams, founders and sponsors who reinvest alongside
HGGC, creating a strong alignment of interests. Over its history,
HGGC has completed more than 75 platform investments, add-on
acquisitions, recapitalizations and liquidity events with an
aggregate transaction value of more than $14
billion. More information is available at www.hggc.com.
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SOURCE Nutraceutical International Corporation