Contract producer consolidation: INW acquires Capstone Vitamin

0
472

Founded in 1989, Capstone is described as a full-service developer and manufacturer for established and emerging wellness brands for a range of health conditions. The company focuses on capsules, tablets and powder products and its 300,000 square foot manufacturing facility is one of the largest in the food industry.

As NutraIngredients-USA reported at the beginning of the year, INW itself was taken over by the investment company Cornell Capital LLC. INW has manufacturing facilities in four states.

Under the previous owner of Rosewood Private Investments, INW had acquired the contract manufacturers ProTec Laboratory and Healthy Natural Inc. The company is now promoting manufacturing capabilities in multiple delivery forms, including powders, liquids, capsules, tablets, bars, and topical products.

At the same time as the announcement of the acquisition of Cornell, INW announced that it had acquired Bee Health, a leading developer and manufacturer of nutritional supplements in the UK.

The new consolidated contract manufacturer will be led by Jared Leishman, the current Chief Executive Officer of Capstone.

“We are excited to join the INW family and accelerate growth by leveraging our innovative skills, operational flexibility and world-class customer relationships as part of this expanding global platform,” said Leishman.

“The combination of our two complementary business areas will further strengthen INW as a first-class turnkey service provider of differentiated products in the categories of vitamins, minerals and dietary supplements. I am confident that together we can expand our position as a leading provider of innovative, customer-oriented solutions for the modern health and wellness industry. “

Justine Cheng, Partner at Cornell Capital, added: “This transaction positions INW as the leading full-service platform in this fragmented and highly sought-after segment of the health and wellness market. Capstone’s expertise in a wide variety of product forms and ingredients, the highly flexible infrastructure and 30-year history of quality and efficiency as a trusted brand partner are impressive.

“We look forward to working with Jared and the rest of the seasoned Capstone team to share best practices and drive INW’s continued growth through an expanded operational and customer presence.”

The terms of the private transaction were not disclosed.

Guggenheim Securities, LLC is serving as financial advisor to INW and Cornell Capital, and Weil, Gotshal & Manges LLP is serving as legal advisor. Jefferies LLC and BMO Capital Markets Group are serving as financial advisor to Capstone, Fredrikson & Byron PA and Kirkland & Ellis LLP are serving as legal counsel.