ACI Capital, a New York-based private investment firm, and MidOcean Partners, a private investment firm based in New York and London, jointly announced today that they have signed a definitive agreement to sell weight-care brand Jenny Craig to Nestle in a transaction valued at approximately $600 million. The transaction is expected to close in the third quarter.
Jenny Craig is one of the largest weight-management companies in the world, with approximately 3,000 employees and nearly 600 locations in the U.S., Canada, Australia, and New Zealand. Jenny Craig offers a comprehensive program to help customers lose and maintain their weight by establishing healthy eating habits, fostering an active lifestyle, and email database developing a balanced approach to living. Since its acquisition by ACI Capital and MidOcean Partners in May 2002, Jenny Craig has experienced substantial revenue and profit growth, investing in its people and operations, and revitalizing its brand.
Kevin Penn, Managing Director of ACI Capital, said: "We are very proud of our partnership with Jenny Craig, which exemplifies our strategy of partnering with leading managers to help grow our businesses. Through our collaboration with the Jenny Craig team and our partners at MidOcean, we have increased earnings and implemented new strategic initiatives that have positioned the company for significant future growth. We are confident that Jenny Craig has significant opportunities for the future as an integral part of Nestle."