KKR has closed its previously announced acquisition of The Nature’s Bounty Co, a maker of health and wellness products. No financial terms were disclosed. Paul Sturman will become the CEO of Nature’s Bounty, succeeding Steve Cahillane, who is stepping down from the role.
NEW YORK, Sept. 28, 2017 /PRNewswire/ — The Nature’s Bounty Co., a global manufacturer, marketer and distributor of health and wellness products, today announced the closing of the transaction with global investment firm, KKR, which is now the majority owner of Nature’s Bounty. Equity capital for the transaction was primarily provided from KKR’s Americas XII fund.
Effective upon the transaction close, consumer healthcare veteran Paul Sturman will assume the role of Chief Executive Officer of Nature’s Bounty. Mr. Sturman succeeds Steve Cahillane, who is stepping down to pursue another opportunity.
“Paul is a very well regarded leader in the consumer healthcare space, having grown and transformed several companies and brands over the years,” Nate Taylor, Head of Consumer Retail at KKR, said. “He’s a great fit to lead Nature’s Bounty in its next stage of growth.”
“I am honored to join the team at Nature’s Bounty and to lead this impressive platform,” said Mr. Sturman. “There are tremendous opportunities to grow Nature’s Bounty’s footprint in this rapidly expanding global wellness industry, and I look forward to working with the many talented people at Nature’s Bounty to provide the Company’s valued customers with the world’s best health and wellness offerings.”
“It has been such a privilege to lead Nature’s Bounty over the last three years. Leaving the company was a very hard decision for me; however, I rest assured seeing the growth trajectory Nature’s Bounty is on and how it is poised for success in the experienced hands of Paul Sturman. I look forward to seeing great things from Nature’s Bounty in the future,” added Steve Cahillane.
Mr. Sturman has a strong track record of more than 30 years of experience in the consumer healthcare sector with Pfizer, Johnson & Johnson, and Warner-Lambert. Paul spent six years successfully leading Pfizer’s $3+ billion Consumer Healthcare business (formerly Wyeth), one of the largest over-the-counter (OTC) healthcare products companies in the world with major household brands such as Advil®, Centrum®, Chapstick®, Nexium® 24Hour®, Robitussin®, and Emergen-C®. He also served as President of Johnson & Johnson’s North American Consumer Health Care business, where he was responsible for more than 30 brands including Listerine®, Band-Aid®, Stayfree®, Monistat®, Rogaine®, Neosporin®, and Visine®.
Paul previously served as Chairman of the Consumer Health Products Association (CHPA). He is currently a Trustee of the Foundation for Morristown Medical Center, one of “America’s Top 50 Hospitals” and is also on the Board of Directors of Tyme Inc., a clinical-stage biotechnology company using cellular metabolism and oxidative stress to develop cancer therapeutics with low toxicity profiles.
About The Nature’s Bounty Co.
The Nature’s Bounty Co. has a history of championing health and wellness tracing back more than 70 years. Putting science and the highest quality standards at the heart of its business, the brands of The Nature’s Bounty Co. are some of the most recognized and trusted in the world. As a leading global manufacturer, marketer, distributor and retailer of vitamins, nutritional supplements, sports & active nutrition and ethical beauty products, The Nature’s Bounty Co. is committed to supporting wellness in all its forms. For more information, please visit: www.NaturesBountyCo.com.
KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate, credit and, through its strategic partners, hedge funds. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside its partners’ capital and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. L.P. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.