MIAMI — H.I.G. Capital, a global private equity firm with more than $30 billion of equity capital under management, has acquired the Jenny Craig weight management business from North Castle Partners. Financial terms of the transaction were not disclosed.
Founded in 1983 in Carlsbad, Calif., Jenny Craig offers personalized science-based meal plans, chef-crafted foods and a dedicated consultant for each client to provide ongoing support and accountability.
“H.I.G. will enable Jenny Craig to continue successfully delivering our time-tested programs to millions of customers while expanding both our reach and breadth,” said Monty Sharma, chief executive officer of Jenny Craig. “We are very excited about the future of the company and believe our clients and employees will benefit greatly from H.I.G.’s support, allowing Jenny Craig to attain its next level of growth.”
Jenny Craig’s portfolio of products includes more than 100 entrees, desserts and snacks. The company has approximately 500 company-owned and franchised locations in the United States and Canada and approximately 600 centers worldwide. North Castle Partners acquired Jenny Craig from Nestle S.A. in 2013. Nestle had bought the brand from MidOcean Partners and ACI Capital in 2006.
In addition to Jenny Craig, H.I.G. Capital holds a stake in a variety of food and beverage companies, including Albertville Quality Foods, Lipari Foods, Ready Pac Produce and Southern Quality Meats.