Baird Capital Partners Invests in New Vitality
Backs Successful Management Team, Adds Former Guthy-Renker EVP as President
CHICAGO, April 6, 2010Baird Capital Partners (BCP), the U.S.-based buyout fund of Baird Private Equity, announced today it has led an investment in New Vitality, a leading direct marketer of premium nutritional supplements and personal care products, based in Farmingdale, NY. The funds will be used to further build the Company into a multi-product, multi-channel Direct-to-Consumer (“DTC”) business focused on the health and wellness market and to provide liquidity to current investors. Management, RCP Advisors LLC, Jordan/Zalaznick Capital Partners Limited and Northstar Capital LLC co-invested in this transaction. Fifth Third Bank provided the senior debt financing and Northstar Capital also provided the subordinated debt financing.
”We spent the last year conducting in depth market research on the wellness market and New Vitality’s platform is well-aligned with BCP’s strategic thesis, investment criteria and global resources,” said Gordon Pan, BCP Partner. “We see significant opportunities for the Company to access untapped markets and channels. We look forward to working with management to position New Vitality for continued growth.”
Jonathan Greenhut, the founder and CEO of New Vitality, is excited about what the future holds.
”I am very pleased to be partnering with BCP and believe they bring the experience and strategic relationships to further magnify the strong growth that we’ve seen over the last decade” said Greenhut.
As part of the transaction, BCP has also backed Jonathan Flicker to join New Vitality as President. Flicker was previously Executive Vice President of Marketing for Guthy-Renker, one of the largest and most successful DTC businesses in the world.
”I am very pleased to be partnering with BCP and New Vitality,” said Flicker. “I believe now is an opportune time to build a leading direct to consumer business through investments in additional products, new channels and by leveraging the existing New Vitality brand.”
In addition to Jonathan Greenhut, Jonathan Flicker and Gordon Pan, the New Vitality Board of Directors will include BCP Operating Partner Harry Schulman, former CEO of Applica, Inc., who will serve as non-executive Chairman. Joe Perrotto, current CEO of CHP Holdings, Inc. and Robert Webb, CEO of OptumHealth Care Solutions, a division of United Healthcare, will also join the New Vitality Board of Directors. Imperial Capital LLC served as exclusive advisor to New Vitality.
About New Vitality
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