Carlyle to Retain Significant Stake in Global Manufacturer, Marketer
and Distributor of Health and Wellness Products
NEW YORK--(BUSINESS WIRE)--
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
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
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.
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
View source version on businesswire.com: http://www.businesswire.com/news/home/20170724005392/en/
The Carlyle Group
Jordan DeJarnette, 202-729-5025
Nature's Bounty Co.
Jodi Katz, 631-200-7491
Huller or Cara Kleiman, 212-750-8300
News Provided by Acquire Media