Platform Acquisition Accelerates Growth in U.S. Market with Leading Premium Brand Jamieson Wellness Inc. announced it has completed the previously announced acquisition of Nutrawise Health & Beauty Corporation (“Nutrawise”), a leading innovator, manufacturer and marketer of premium supplements under the youtheory brand in the United States and other international markets, for approximately US$210 million ($265 million1), plus potential additional consideration contingent on achieving pre-determined growth targets post-closing.
The acquisition provides the Company with a platform for expansion in the U.S. VMS market through the addition of its premium brand and product offering, highly complementary to the Company’s branded portfolio. The transaction is immediately accretive with 2022 pro forma revenues of $155 million to $159 million2 and Adjusted EBITDA3 of $28 million to $29 million.
In connection with the closing of the Nutrawise acquisition, the Company’s subsidiaries, Jamieson Laboratories Ltd. and Jamieson Health Products USA Ltd., successfully amended and restated their existing senior credit facilities pursuant to a second amended and restated credit agreement (the “Credit Agreement”) with a syndicate of lenders. The Credit Agreement adds the Company’s newly acquired subsidiary, NutraWise Health & Beauty LLC, as a borrower thereunder, extends the maturity date of the credit facilities to July 19, 2027 and provides availability of up to $500 million under revolving credit facilities, plus an expanded accordion feature of up to $250 million, providing for future growth opportunities.4
“The closing of this transaction significantly enhances our global platform, opening exciting new growth opportunities for Jamieson Wellness,” said Mike Pilato, President and CEO of Jamieson Wellness. “With our new team members, brand and state-of-the-art manufacturing facility, we are well positioned to accelerate our expansion in the largest vitamin, mineral and supplement market in the world. We look forward to continuing to work closely with co-founders Darren and Patty Rude and the Nutrawise team to integrate youtheory into the Jamieson Wellness portfolio, leveraging our combined strengths to improve the health and wellness of consumers around the world.”
More details on the transaction can be found in the investor presentation on the Company’s website.
“We are thrilled to officially join the Jamieson Wellness organization today,” said Darren Rude, co-founder of Nutrawise. “We look forward to working as part of the Jamieson team to continue to grow the youtheory brand in the United States and internationally.”
