In partnership with management, GenNx360 Capital Partners, a New York–based private equity fund investing in middle market industrial and business services companies, announced its investment in Novel Ingredient Services, a leading specialty nutraceutical ingredient services supplier to the health and wellness industry. Headquartered in West Caldwell, N.J., Novel was founded in 1995 and serves more than 400 customers in multiple product segments including sports nutrition, herbs and botanicals, meal replacement, and specialty supplements. The company is able to leverage its global base of over 250 supply relationships to provide innovative custom, proprietary and manufactured ingredient solutions for its customers. The transaction represents the second investment for GenNx360 Capital Partners' Fund II. Terms of the transaction were not disclosed.
Novel has experienced significant growth and has identified the opportunity to expand its services and capabilities to both its existing markets and complementary sectors such as cosmetics and food and beverage. "This partnership with GenNx360 reflects our strategic vision. GenNx360's significant experience growing companies will be a valuable asset to our management and help us immensely in our continued growth efforts," said Novel's chairman, Bob Green. As part of this, Novel will be expanding into a new, world-class facility in 2014.
"Bob Green and his team have built a very impressive organization. We are delighted to have the opportunity to partner with Novel as the company embarks on the next phase of its strategy to grow its leadership position in the nutraceutical field while increasing its footprint in adjacent markets," said Monty Yort, the GenNx360 managing partner who led the transaction.