New Partnership With South Beach Diet Founder Will Reintroduce Healthy Foods Into Health/Wellness Food Categories
New York, August 1, 2011 - MidOcean Partners (MidOcean), a leading private equity firm, announced today that it has acquired the South Beach Diet brand, one at the pre-eminent names in the Health & Wellness/Diet sector, in partnership with its founder, Dr. Arthur Agatston.
The South Beach Diet today is a lifestyle approach to healthy eating for millions of people around the world, with more than 23 million copies of Dr. Agatston's The South Beach Diet and its companion books currently in print worldwide. Dr. Agatston, a preventive cardiologist, developed the diet in the mid 1990s to help his cardiac and diabetes patients improve their blood chemistries and lose weight before ultimately authoring its namesake book in 2003. In addition to his highly successful books, the South Beach Diet brand today includes a vibrant subscription web site, SouthBeachDiet.com, which is a robust source for information about the diet.
MidOcean and management will continue to drive the brand with a relaunch of new and improved South Beach Diet branded foods, including its high protein and high fiber cereal and diet bars, an well as move into exciting new health and wellness food categories aimed at the brand's loyal consumer base. South Beach Diet will be headquartered in Benita Springs, Florida.
Dr. Agatston's next book, The South Beach Wakeup Call, is scheduled for release in October 2011.
MidOcean has appointed its Management Affiliate Elise Donahue, a 30-year veteran of the consumer products industry, as CEO of South Beach Diet. She has extensive experience with MidOcean as President and Chief Operating Officer of Prestige Brands, International, a very successful former MidOcean portfolio company. She has also served as hoard member for various MidOcean portfolio companies.
"Our exclusive discussions with South Beach Diet's founders and owners, Dr. and Mrs. Agatston, have led to this very exciting opportunity to acquire an iconic and highly influential diet and lifestyle brand and we are pleased that we have been entrusted as their partners to help it continue to prosper," said David Basto, a MidOcean Managing Director. "Our previous success in the diet and wellness sector with Jenny Craig and Vitaquest, combined with the expertise of our operating executives, will further strengthen South Beach Diet and help accelerate its growth and profitability."
The South Beach Diet brand is a valuable and sustained Health & Wellness franchise, said Mrs. Donahue, and we have a strong management team in place with a detailed execution plan and a clear path to bringing healthy and delicious South Beach Diet foods to stores nationwide. We look forward to our partnership with Dr. and Mrs. Agatston to grow this highly attractive health conscious brand.
The South Beach Diet is a healthy lifestyle that l have developed over the past 15 years and this new partnership with MidOcean is the right next step for our company, said Dr. Arthur Agatston. MidOcean brings additional resources and expertise to further build our brand and broaden the reach of our diet and lifestyle message, books and healthy food products to support those who want to lose weight and achieve better health. MidOcean's reputation and experience in the diet and wellness sector will be important as we work to improve the health of people around the world.
* * * *
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
MidOcean Media Relations Contacts
Nathaniel Garnick/Amanda Klein
Gasthalter & Co.
212-257-4170
midocean@gasthalter.com
MidOcean Investor Relations Contact
MidOcean Partners
IR@midoceanpartners.com
