NBTY Inc., a global leader in vitamins, nutritional supplements and sports and active nutrition, today announced that it has entered into a definitive agreement to sell its U.S. retail business, Vitamin World, to Centre Lane Partners. The transaction is expected to close by mid-February 2016. The deal will enable Vitamin World to operate as a stand-alone retail business.
A leader in the wellness industry, NBTY is the owner of several of the most recognized brands in the marketplace, including: Nature's Bounty, Sundown Naturals, Osteo Bi-Flex, Solgar, MET-Rx, Pure Protein, Body Fortress, Puritan's Pride, Holland & Barrett and many others.
Centre Lane Partners is a private investment firm focused on making investments in North American middle market companies across a broad range of industries. Centre Lane targets companies with revenues between $20 million and $500 million that have leading market positions and sustainable competitive advantages in their respective niches.
"Vitamin World has a long history of meeting its customers' wellness needs. For some time, it has been clear that it should be a stand-alone business with the right investment and resources tailored to a retail operation," said Steve Cahillane, president and CEO of NBTY. "With the shift of NBTY's focus in our U.S. business to investing in and building our core brands, this sale of Vitamin World to Centre Lane Partners will ensure Vitamin World has the right investment and focus on its future as a stand-alone retail business," Cahillane added.
Mayank Singh, a managing director at Centre Lane added the following, "We are enthusiastic about working with the Vitamin World management team and employees to position the business for long-term growth and success. They have done a terrific job of making Vitamin World one of the leading specialty retailers of vitamins, minerals and supplements and we want to build on that foundation."
"The Vitamin World employees are dedicated to helping our customers meet their wellness goals," said Sue Gove, president of Vitamin World. "We are excited to begin this new journey with Centre Lane Partners and to continue giving Vitamin World's loyal customers the best products and service in the industry."
Vitamin World began in 1976 with a kiosk in Williamsville, New York. Today, there are 380 Vitamin World stores in the United States, Guam, the Virgin Islands and Puerto Rico.
NBTY is a portfolio company of The Carlyle Group.
Latham & Watkins LLP acted as legal advisor and Lazard Middle Market LLC as the financial advisor to NBTY in connection with the transaction. Katten Muchin Rosenman acted as legal advisor and Alvarez & Marsal as the financial advisor to Centre Lane Partners in connection with the transaction.