Nestle sells Jenny Craig in Australasia and North America
Global food and beverage manufacturer Nestle has announced it has sold its weight managment business Jenny Craig in Australasia and North America to a US-based private equity group, North Castle Partners.
North Castle Partners, which is a Conneticut-based small cap consumer private equity firm that invests in businesses that promote health, wellness and active living, will take over the businesses and offer employment to Jenny Craig staff in North America and Australasia.
Jenny Craig was founded in 1983 and offers consumers weight managment programmes tailored to their specific needs. It has been part of Nestle Nutrition since 2006.
“We are very excited to bring Jenny Craig into the North Castle family and to continue its 30-year tradition of providing consumers with dedicated one-on-one coaching and great tasting, clinically proven food to support their weight loss goals,” said Chip Baird, North Castle Founder and Managing Partner.
“As a firm focused exclusively on consumer businesses that promote health, wellness and active living, we were able to draw upon substantial experience from our current and prior investments in the weight loss, nutrition and fitness industries to evaluate the Jenny Craig opportunity and develop an investment plan that will revitalise the company,” Mr Baird said.
Jenny Craig to be combined with fitness business
North Castle said it will combine Jenny Craig with its fitness business Curves International, creating “a one-of-a-kind wellness company that offers consumers an array of diet and fitness tools to meet their individual needs”. North Castle acquired Curves International in August 2012.
“The Jenny Craig and Curves brands will continue to operate independently and provide health, fitness and weight loss solutions to different consumer segments,” said Jon Canarick, North Castle Managing Director. “We believe the two brands give us a unique opportunity to meet the distinct needs of consuemrs and provide an unmatched consumer value proposition,” he said.
Upon completion of the transaction, Monty Sharma, the current Chief Executive Officer of Curves International, will become President and CEO of the combined Jenny Craig and Curves International business.
“I am excited to partner with North Castle in combining these two iconic brands,” Mr Sharma said. “When North Castle approached me about potentially integrating Curves with Jenny Craig, I immediately recognised that such a transaction would allow us the leverage the strengths and resources of each of these businesses to enhance the experience and results we provide to our members,” he said.
“Curves has made inroads into weight management with our Curves Complete program, but putting Curves together with Jenny Craig will bring our total business to a new level and allow us to offer consumers all of the tools they need,” Mr Sharma said. “Jenny Craig has volumes of science and the best-trained coaches in the industry,” he said.
Nestle said the Jenny Craig business in France is not part of the transaction. Nestle said the transaction is subject to to customary closing conditions and the financial details will not be disclosed.
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