MegaFood and Innate Response Receive Investment and Support from 2x Consumer Products Growth Partners
Joins Majority Investor The Riverside Company in Backing Whole Food Nutritional Supplements Company
December 12, 2011 (Derry, NH and Chicago, IL) – The MegaFood and Innate Response brands of whole food nutritional supplements (owned by BioSan Laboratories, Inc.) have received an investment from 2x Consumer Products Growth Partners (“2x Partners”). Andrew S. Whitman, Managing Partner at 2x Partners, has joined the company’s board and will work closely with CEO Robert U. Craven and the management team to help build the business. 2x Partners joins majority investor The Riverside Company, a global private equity firm, and longtime owner and former CEO Carl Jackson, who retired in May but continues to be an active advisor and member of the Board of Directors.
“We couldn’t be more excited to have Andy and his team joining us as we continue to outperform the rapidly growing nutritional supplements category,” said Craven. “Their significant industry and operational experience is already adding value.”
“Each year, we review more than 500 emerging branded consumer products businesses in search of highly differentiated businesses with significant growth potential,” said Whitman. “These two exciting brands have demonstrated their connections with consumers, retailers and health professionals alike. We are energized to work with Robert and the team to help the company in its continued growth while staying true to its heritage of delivering unique whole food supplements since 1973.”
“The 2x Partners team was invaluable to Riverside as we performed our diligence, and they introduced us to the company’s current CEO,” said Riverside Managing Partner Loren Schlachet. “We are very pleased to have them on board as valued industry partners to help maintain our growth momentum.”
Also joining the company’s Board is Bob Burke, the Founder and Principal at Natural Products Consulting Institute, and an Industry Venture Partner with 2x Partners. Burke is a sought-after advisor and consultant to high growth companies, leveraging his consulting experience since 1998 and, for the previous 11 years, leading sales and marketing at Stonyfield Farm to help it become the world’s leading organic yogurt company.
Terms of the investment were not disclosed.
About MegaFood and Innate Response brands
Founded in 1973, BioSan Laboratories produces and distributes the premium supplement brands MegaFood and Innate Response for the retail and professional health industry respectively. The company purchases ingredients from a network of U.S. based Farm Fresh Partners, selling a wide variety of dietary supplements for various health needs. For more information, visit www.MegaFood.com or www.InnateResponse.com.
About 2x Consumer Products Growth Partners
2x Consumer Products Growth Partners joins with founders and management in emerging branded consumer products businesses capable of growing exponentially via an infusion of capital and industry expertise. The firm’s principals and industry venture partners have 375 years of combined experience, contacts and connections. Focus areas include food, beverage, personal care, home care and pet care – particularly in the organic/natural, specialty/gourmet and ethnic sectors. The firm or its principals have invested in such companies as gDiapers eco-friendly diapers, Orabrush bad breath eliminator, Tasty Bite Indian foods, Eagle snacks and Wellness & Old Mother Hubbard all-natural foods for pets. Additional information is available at www.2xPartners.com.
About The Riverside Company
The Riverside Company is a global private equity firm focused on acquiring growing enterprises valued at up to $200 million (€200 million in Europe). The firm partners with strong management teams and enhances its investments through acquisitions and organic growth. Since its founding in 1988, Riverside has invested in more than 250 transactions with a total enterprise value of more than $5.8 billion/€4.7 billion. The firm’s portfolio in North America, Europe and the Asia-Pacific region includes more than 75 companies with roughly 13,000 employees. Riverside completes acquisitions smoothly thanks to $3.2 billion/€2.4 billion in assets under management, more than 200 professionals in 20 offices, and longstanding relationships with partner lenders. Additional information is available at www.RiversideCompany.com.