Milestone Partners has completed a refinancing of portfolio company Good Health Natural Products, a Greensboro, N.C.-based maker of branded reduced-fat salty snack foods. No financial terms were disclosed for the deal, which included participation by Salem Halifax Capital Partners and the Morgan Keegan Strategic Fund.
Milestone Partners is pleased to announce that it recently completed a refinancing of Good Health Natural Products with Salem Halifax Capital Partners and the Morgan Keegan Strategic Fund.
Milestone acquired a controlling interest in Good Health Natural Products in 2004 and was approaching the maturity date for its acquisition debt. Fortunately, during its holding period the Company continued to diversify its product portfolio and distribution channels and is well-positioned to capitalize on the current
industry dynamics. The refinancing was supported by strong performance and growth in Good Health’s
branded product lines, particularly its Veggie Stix®, Avocado Oil Potato Chips®, HUMBLES® (hummus)
chips and South of France® soaps.
“Given the current state of the economy and credit markets we are very proud to have been able to repay all
of Good Health’s initial lenders in full and to have found high quality partners to replace them,” said Adam
Curtin of Milestone Partners.
“We are thrilled to have Salem Halifax and Morgan Keegan as our new lending partners. Their long term capital strengthens our balance sheet and helps reposition the Company for its next phase of growth,” commented Mark Gillis, CEO of Good Health.
Good Health Natural Products (www.goodhealthnaturalfoods.com) is a leading producer of branded
natural and organic consumer products with a focus on reduced-fat salty snack foods. Good Health’s
products include Olive Oil Potato Chips®, Veggie Stix® and Avocado Oil Potato Chips®. In addition to
natural and organic foods, Good Health produces the South of France® line of specialty hand and body soaps
and lotions. The Company is based in Greensboro, North Carolina and distributes its products nationally
through natural food distributors, grocery stores, mass market retailers and other specialty food channels.
Milestone Partners (www.milestonepartners.com) is a private equity firm that partners with management to
invest in leveraged buyouts and recapitalizations of lower middle market businesses. Milestone pursues
successful niche-market leaders that provide high-margin products or services. Milestone’s transactions
typically provide liquidity to shareholders of privately-owned businesses, facilitate the transition of
ownership to key managers, and allow management to capitalize on growth opportunities, while maintaining
the legacy of the founders. Milestone is currently making follow-on and add-on investments through
Milestone Partners II, L.P., a $120 million fund, and is making new platform investments through Milestone
Partners III, L.P., a $240 million fund.