Press Releases
Acquisition helps take renowned nutrition brand to a more powerful level
(November 23, 2006 – Los Angeles, CA) – PROMAX NUTRITION™ announces its acquisition by MARWIT CAPITAL PARTNERS II, LP, a Newport Beach based private equity firm with $250 million of capital under management. With this investment, Marwit intends to expand the already-strong growth prospects for Promax by providing professional management, consistent oversight and additional financial resources. The new influx of funds will firmly support Promax’s mission to provide innovative, convenient, and portable nutrition products that help active consumers achieve their goals of a healthy and fit lifestyle.
Marwit has already begun working closely with Promax’s senior operating managers to build significant value in the company. In addition to providing capital for Promax product development and marketing efforts, Marwit will supply the company with strategic input, assistance in searching out and evaluating acquisition opportunities and assistance in recruiting additional senior management.
Primed to make the most of Marwit’s support, Promax plans on successfully launching new products — many scheduled to debut in 2007 and 2008. In addition, the company will continue to grow sales and distribution of existing product lines. All of the short term objectives directly serve the longer term strategic goal, which is to nurture a significantly larger, more diverse functional food and supplement company.
“With the Marwit partnership, Promax will be able to pursue a broader array of marketing and advertising opportunities than previously afforded,” says Tim Welch, who recently joined the company as President/CEO. “We believe we now have a significantly stronger foundation upon which to aggressively pursue expansion of the Promax brand on every front.”
“We are excited to be working with the company’s management team to capitalize on the exceptional strength of the Promax brand,” said Matt Witte, Marwit Managing Partner. “After studying the functional foods sector for over a year, we concluded that the Promax brand has proven itself a leading regional player. With the addition of several new senior executives and capital to pursue a truly national marketing campaign, Promax has a wealth of opportunities to add new products and markets to its core business. We look forward to helping provide those resources to capture those opportunities.”
A pioneer in the fitness nutrition business, Promax Nutrition Corporation has been developing convenient, nutritious, performance based products for over ten years. The company’s Promax Bar began as one of the first great tasting, high protein energy bars, containing an impressive 20 grams of protein. It continues to be the number one-selling energy bar at many major grocery, drugstore and fitness chains nationwide. Promax recently introduced the first “true snack size” high protein energy bar – the Promax 70 Calorie Bar, available in a variety of chocolate-rich flavors.
Promax plans to change the world of supplements as it launches the Xpress line of Vitamins and Supplements – currently Calcium Xpress, Fiber Xpress, and Joint Xpress formulas — with a never-before-seen delivery system. These taste free, odorless, and colorless vitamin and supplement powders come in convenient packets and can be added to almost any beverage - water, coffee, tea, or juice - dissolving quickly with no residue or chalky texture. They solve the common problem of having to swallow large pills, and are perfect for on-the-go consumers since they can be taken anywhere, anytime.
Promax is aggressively providing marketing support to every product launch. With dynamic and attention-grabbing television, radio, print, interactive, public relations and smart sampling campaigns, Promax is a major force in the nutrition business, setting trends with forward-thinking and innovative products that improve how we take care of ourselves.
Founded in 1962, Marwit is one of the oldest private equity firms in the United States. Focusing on control buyouts and growth equity investments involving lower to middle-market companies in the Western U.S., Marwit is interested in well-established, profitable companies,like Promax that are leaders in niche markets. Marwit’s recent investments include partnerships are with Driftwood Dairy, Solis Women’s Health, and other well known companies.
The Promax Nutrition (www.promaxbar.com) and Marwit (www.marwit.com) headquarters are located at 100 Bayview Circle #505 and #550, respectively, Newport Beach, CA 92660. Promax (949) 502-4840. Marwit (949) 861-3636.
For more information, please contact Megan Brown at (323) 650-2201 or at megan@lightyearsahead.com .
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