Tuesday, 24 May 2016
Last updated 15 hours ago
Nov 8 2013 | 11:00am ET
Nestlé is looking to slim down, and private-equity firm North Castle Partners is only too happy to help.
The Swiss food company, perhaps best known for its chocolate, bought Jenny Craig, the weight-loss company, seven years ago from two other p.e. firms, ACI Capital Group and MidOcean Partners. Now, it is selling most of the company to North Castle, which already owns weight-loss company Curves.
North Castle plans to merge the two businesses, placing Curves CEO Monty Sharma at the helm of the combined company.
"We are very excited to bring Jenny Craig into the North Castle family and to continue its 30-year tradition of providing consumers with dedicated one-on-one coaching and great-tasting, clinically-proven food to support their weight-loss goals," North Castle founder Charles Baird said.
The deal includes the Jenny Craig brand in North America and the Asia-Pacific region, but not in France. Terms were not disclosed.