New York. NY. February 6, 2006 - MidOcean Partners, a New York and London-based private investment firm, today announced the Signing of a definitive agreement to sell its majority stake in Vitaquest, a leading maker of specialty nutritional products, to an affiliate of CK Life Sciences lntal., Inc., a Hong Kong-based biotechnology company that is developing a range of broadly based life sciences products, particularly in the fields of human health and environmental sustainability. The transaction values Vitaquest a total enterprise value $345 million.
Vitaquest is the leading custom contract manufacturer and multi-channel distributor of nutritional products in the U.S. The Company has a unique business model that leverages its product development, manufacturing and distribution capabilities to provide e complete solution for its customers. MidOcean led the recapitalization of Vitaquest in partnership with Keith Frankel, Vltaquest’s Chairman and CEO, in March 2005.
CK Life Sciences is listed on the Growth Enterprise Market of the Stock Exchange of Hong Kong and is engaged in identifying needs and developing revolutionary biotechnology solutions for the improvement of human health and environmental sustainability. CK Life Sciences is a member of Cheung Kong Group whose member companies in Hong Kong alone command a market capitalization of approximately $95 billion.
Rob Sharp, Managing Director of MidOcean and a Director of Vitaquest, said, “Vitaquast has a wonderful business model and a leading market position in the growing nutraceutical market. During our partnership with Vitaquest’s management team led by CEO Keith Frankel, Vitaquast was positioned to become a dominant global player in this space. We are proud of what Vitaquast has accomplished and believe that Vitaquast and its customers will benefit from its new and exciting partnership with CK Life Sciences and its affiliated companies.” H. L. Kam, CEO and President of CK Life Sciences‘ said “Vitaquest is CK Life Science‘s first acquisition in the United States and represents an attractive platform for expansion. As the leader in the custom nutraceutical market, we believe Vitaquest is well positioned to continue its strong growth trajectory as the supplier of choice to third parties as well as to other companies within CK Life Sciences and the broader Cheung Kong Group.”
“MidOcean was a great partner for Vitaquest as we continued to grow and diversity our business model,” said Mr. Frankel of Vitaquast. “Our relationship with MidOcean was a great experience for me personally, as well as for the company. We look forward to our partnership with the team at CK Life
Sciences and believe that we will benefit greatly from their vest resources and international presence.”
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About Vitaquest
Founded in 1977 and based in West Caldwell, NJ, Vitaquest International LLC is a loading value-added custom contract manufacturer and multi-channel distributor of specialty nutritional and nutraceutical products in the U.S. The Company has a unique business modal that leverages its product development, manufacturing and distribution capabilities to provide a complete solution for its customers.
About MidOcean Partners
MidOcean Partners is a premier New York-based alternative asset manager that specializes in middle market private equity and alternative credit investments. Since its inception in 2003, MidOcean Private Equity has managed over $4.5 billion of committed capital and has targeted investments in high-quality middle market companies in the consumer and business services sectors. MidOcean Credit Partners was launched in 2009 and manages approximately $8 billion across a series of alternative credit strategies, collateralized loan obligations (CLOs), and customized separately managed accounts as of November 30, 2018
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