LAKE FOREST, ILL. — Everwell Health Holdings, LLC, a new functional ingredients platform from private equity firm RoundTable Healthcare Partners, has acquired Nutrition21, LLC, a supplier of active nutrition ingredients. Terms of the transaction were not disclosed.
The deal marks the first investment for Everwell, which aims to “help people look, feel and perform their best by advancing the science of safe, convenient and attainable functional ingredients,” according to Roundtable. The platform plans to pursue partnerships and business opportunities with additional functional ingredient companies, and will focus on amplifying investments in clinical studies, new product development, marketing and sales.
Led by Joe Weiss, Nutrition21 develops and markets clinically substantiated ingredients for use in dietary supplements, foods and beverages. It holds more than 100 domestic and international issued and pending patents for its ingredients, which support claims associated with glucose metabolism, weight management, cognition and sports nutrition, among others. Nutrition 21’s ingredient portfolio includes the brands Nitrosigine, Velositol, Chromax, Lustriva and nooLVL.
“Our new ingredients platform, anchored by an industry leader in Nutrition21, builds upon our experience in consumer health care,” said Pierre Frechette, managing partner at RoundTable Healthcare Partners and chairman of the board of Everwell Health. “As consumers demand more from their products, we believe scientifically-backed, high-quality functional ingredients are poised for strong growth to meet this need.”
Steve Rosenman, the newly appointed chief executive officer of Everwell, will focus on expanding the platform through organic initiatives and strategic business development. He brings more than 20 years of experience in consumer health and wellness to his new role and has held senior leadership positions in sales, marketing, product innovation and strategic planning. He most recently was senior vice president of corporate development and chief innovation officer at International Vitamin Corp., a producer of dietary supplements and over-the-counter medicines.
“I am excited to join Everwell and partner with Nutrition21 to build this new platform,” Mr. Rosenman said. “RoundTable's unique operating expertise and core values, centered around reputation and trust, are the right fit to raise the bar in the functional ingredients market and add value to our partners.”Everwell Health represents the fifth equity investment from RoundTable’s $700 million Equity Fund V and seventh platform investment in the consumer health care market in the last nine years.