TorQuest Partners and Cameron Capital announced today that they have each made a new investment in Herbal Magic Inc., Canada's largest franchisor and operator of commercial weight loss centres. The transaction includes a significant personal investment by Cameron Capital's Chairman and CEO, Steve Hudson, who will become the new CEO of Herbal Magic. TorQuest Partners worked with several co-investors on the transaction.
"Today's announcement is a strong endorsement of the Herbal Magic business, brand and product," said Eric Berke, Managing Partner, TorQuest and Chairman of Herbal Magic. "With Steve on board, the Herbal Magic franchisee network will benefit from a unique entrepreneurial talent and return to an owner-operated model."
"We are very excited about this opportunity. Herbal Magic is a perfect fit when considering our previous successful investments in franchise-based personal care businesses," said Steve Hudson. "This is a continuation of our 10-year strategy to invest in this sector. And I also have an emotional stake in this. I'm not just the new CEO of Herbal Magic, I am also a client."
Herbal Magic weight loss programs combine one-on-one counseling, nutrition management and dietary supplement support. Each program is individualized to meet a specific client's needs and the client is given the information and tools necessary to help them lose the weight and keep it off. Herbal Magic, headquartered in Toronto, is Canada's leading franchisor of commercial weight loss centers with over 350 centers across North America providing an exclusive line of herbal supplements and weight management services.
TorQuest Partners - Founded in 2002, TorQuest Partners Inc. is a Canadian-based manager of private equity funds. With more than C$700 million of equity capital under management TorQuest seeks to pursue investments in middle market and later stage companies with the goal of building value through opportune acquisitions, strategic leadership and the timely use of financial expertise.
Cameron Capital Corporation - Cameron Capital Corporation is a private investment firm with proven capabilities in the personal care sector. Past investments include Hair Club for Men and Women, where the company oversaw a dramatic and highly profitable repositioning of a 30-year-old brand, and Beauty First/Pure Beauty, transforming a beauty supply network into a leading chain of franchise-based retail beauty boutiques and salons.