The acquisition of Nutraceutical International Corp. of Park City by HGGC, a middle-market private equity firm based in Palo Alto, California, has been completed, according to an announcement by the company. The final acquisition prices was $41.80 per share in cash. The transaction was originally announced on May 22, and was approved by Nutraceutical’s shareholders on August 21.
With the completion of the transaction, Nutraceutical’s common stock ceased trading and is no longer listed on the NASDAQ Stock Exchange.
“We are excited to complete our investment in this great company and we look forward to working with the Nutraceutical team in its next phase of growth and evolution,” said Les Brown, managing director and chief operating officer of HGGC who now becomes executive chairman of the Nutraceutical. “We are confident there is a tremendous opportunity for the company to continue to build on its strong market position and to bring more great products to its loyal customers,” he said.
Concurrent with the closing of the transaction, Nutraceutical founder, chairman and CEO Frank W. “Bill” Gay II has announced his retirement after leading the company for over 24 years.
“Since founding Nutraceutical with other key management 24 years ago, I have decided it’s time to spend more time with family and supporting some causes I care about. I truly will miss other members of the Nutraceutical management team, our hard-working employees and all our loyal customers,” Gay said. “This is a tremendous company and industry and I will look back fondly on my years at Nutraceutical. I believe that HGGC is the best partner we could have hoped to find and that Nutraceutical’s best days are yet to come.”
“We have endless appreciation for what Bill Gay has accomplished with Nutraceutical, not only building an incredible company, but also truly helping to shape and professionalize the natural products industry,” said Steve Young, co-founder and managing director of HGGC. “We, at HGGC are committed to upholding the high standard Bill has set, and we wish him the best for a well-deserved retirement.”
Nutraceutical is a manufacturer, marketer, distributor and retailer of branded nutritional supplements and other natural products sold primarily to and through domestic health and natural food stores. Internationally, Nutraceutical markets and distributes branded nutritional supplements and other natural products to and through health and natural product distributors and retailers. The company sells about 7,500 different products.
