H.I.G. Capital said April 4 that it has acquired Craig Holdings Inc. Financial terms weren’t announced. Craig, of Carlsbad, California, provides weight loss services including meal plans, foods, and consultants. North Castle Partners is the seller.
April 04, 2019 12:01 AM Eastern Daylight Time
MIAMI–(BUSINESS WIRE)–H.I.G. Capital (“H.I.G.”), a leading global private equity investment firm with over $30 billion of equity capital under management, is pleased to announce that one of its affiliates has completed the acquisition of Craig Holdings, Inc. (“Jenny Craig” or the “Company”), a leader in the weight loss industry in North America, Australia and New Zealand.
Founded in 1983 and headquartered in Carlsbad, CA, Jenny Craig offers personalized science-based meal plans, chef-crafted premium foods, and a dedicated consultant for each client to provide ongoing support and accountability. The Company’s Innovative Rapid Results Program uses Nobel Prize winning science involving the human body’s circadian rhythm to deliver weight loss and significant health benefits.
“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, Jenny Craig’s CEO. “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.”
“We believe Jenny Craig represents an ideal opportunity to invest in the premier provider of weight loss services, especially with the rising prevalence of overweight adults,” said Jeff Zanarini, Managing Director at H.I.G. “Monty and the rest of the executive team will continue to lead the organization through its next exciting phase of growth, and we look forward to working with Monty and his dynamic team.”
About Jenny Craig
The Jenny Craig program is designed to provide structure and support to help members lose weight and learn how to keep it off. Jenny Craig’s program provides nutritionally-balanced menus, which include more than 100 entrees, desserts and snacks developed by dietitians, nutritionists, and professional chefs. One-on-one consultations provide personal support and education on portion control and strategies such as Fresh and Free Additions, which helps with satiety. Jenny Craig consultants work with each client individually to identify their strengths, challenges and personal goals in order to create unique weekly meal and activity plans that fit individual needs. Consultants also help clients implement behavioral strategies to support their ongoing success. Jenny Craig’s comprehensive approach to weight loss is available to clients either in person, in centers or by phone with “Jenny Craig Anywhere™.” The program is backed by hard scientific data, as demonstrated by a 2010 independent two-year clinical trial published in the Journal of the American Medical Association showing that participants on the Jenny Craig Classic program lost three times more weight than dieting on their own. Jenny Craig, based in Carlsbad, California, is one of the world’s largest weight loss and weight management companies, with approximately 500 company-owned and franchised locations in local neighborhoods in the United States and Canada, and approximately 600 centers worldwide.
About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with over $30 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused / value-added approach:
1. H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
2. H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
3. H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.
* Based on total capital commitments managed by H.I.G. Capital and affiliates.