IRWINDALE, Calif.--(BUSINESS WIRE)--July 7, 2003--Nellson Nutraceutical, Inc. ("Nellson" or the "Company) today announced it has completed the acquisition of Bariatrix Products International, Inc. ("Bariatrix"). The acquisition further establishes Nellson as the market leading outsourced formulator and manufacturer of functional bars and powders. These products are designed to deliver customized nutrition that serves specific purposes such as diet/weight loss, energy/sports performance, bodybuilding, and wellness/medical.
"The acquisition of Bariatrix allows us to strengthen our competitive position in the industry, but more importantly the combined R&D, formulation and manufacturing expertise allows us to better serve our existing partners," said Ben Muhlenkamp, CEO of Nellson Nutraceutical.
Bariatrix, headquartered in Montreal, Canada, produces functional bar products in a state-of-the-art 260,000 square-foot facility equipped with fully automated manufacturing and packaging systems. As a result of this acquisition and Nellson's recent acquisition of the functional powder business of Cornerstone Nutritional Labs, the Company now produces its bars and powders in five facilities across the U.S. and Canada, providing industry leading scale and geographic diversity to its partners.
Nellson financed the acquisition with a combination of senior debt and significant rollover equity coming from Tom Egger, CEO of Bariatrix, other members of the founding Egger family, and members of the Bariatrix senior management team. Mr. Egger will serve in a new role as a member of the Nellson Board of Directors.
"The commitment to this acquisition by Tom, the founding family, and senior management team reinforces the merits and strength of this combination. Our acquisition of Bariatrix represents a win for our partners and our shareholders," said Ben Muhlenkamp.
Nellson Nutraceutical, Inc. is headquartered in Irwindale, California and is the leading outsourced formulator and manufacturer of functional bars and powders. With operations in the U.S. and Canada, Nellson partners with many of the foremost marketers of functional food products. Nellson is majority-owned by Fremont Partners, a San Francisco-based private equity firm (www.fremontpartners.com).