Carlyle Group is selling a majority stake in leading US health and wellness business Nature’s Bounty Company to the private equity giant Kohlberg Kravis Roberts.
Following the transaction – expected to close by the end of 2017 – 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. Its brands include 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.”
• Last month Swiss chemicals and biotech multinational Lonza announced that it has completed the acquisition of capsule casing and drug dosage specialist Capsugel from KKR for US$ 5.5 billion in cash.