Promax Nutrition acquires Pure of Holland
August 13, 2008
by Eric Schroeder
NEWPORT BEACH, CALIF. — Private equity firm Marwit Capital Partners II, L.P. announced that Promax Nutrition Corp. has acquired Pure of Holland L.L.C., a developer and marketer of certified organic, raw, vegan, unprocessed and gluten/dairy/soy free nutrition bars. Promax is a developer and marketer of protein/energy bars and related functional foods.
Pure Bars provide 1.5 servings of fruit, and contain significant amounts of naturally occurring omega 3 fatty acids, fiber and protein.
"Pure Bar is a great complementary strategic fit with the Promax brand portfolio and we enthusiastically embrace this partnership," said Tim Welch, president of Promax. "Pure Bar is a fantastic brand experiencing strong growth and we are delighted to have Veronica Bosgraaf (founder of Pure Bar) joining us to grow the business together."
Matthew Witte, managing partner of Marwit, said, "Since acquiring Promax in 2006, we have been looking to expand our product offerings to the natural channel and have met with literally dozens of companies. We found many interesting products but none that we felt had the potential to become a major brand until meeting Veronica and seeing what she had accomplished with Pure Bar in less than two years. We recognize the potential of the organic and natural categories and could not have found a better partner than Veronica Bosgraaf and Pure Bar to work with Promax to expand into this growing and very important market."