|By PR Newswire||
|March 31, 2014 08:17 AM EDT||
NEW YORK, March 31, 2014 /PRNewswire/ -- In partnership with management, GenNx360 Capital Partners, a New York-based private equity fund investing in middle market industrial and business services companies, announced today its investment in Novel Ingredient Services ("Novel"), a leading specialty nutraceutical ingredient services supplier to the health and wellness industry. Headquartered in West Caldwell, New Jersey, Novel was founded in 1995 and serves more than 400 customers in multiple product segments including sports nutrition, herbs and botanicals, meal replacement, and specialty supplements. The company is able to leverage its global base of over 250 supply relationships to provide innovative custom, proprietary and manufactured ingredient solutions for its customers. The transaction represents the second investment for GenNx360 Capital Partners' Fund II. Terms of the transaction were not disclosed.
Novel has experienced significant growth and has identified the opportunity to expand its services and capabilities to both its existing markets and complementary sectors such as cosmetics and food and beverage. "This partnership with GenNx360 reflects our strategic vision. GenNx360's significant experience growing companies will be a valuable asset to our management and help us immensely in our continued growth efforts," said Novel's Chairman, Bob Green. As part of this, Novel will be expanding into a new, world class facility in 2014.
"Bob Green and his team have built a very impressive organization. We are delighted to have the opportunity to partner with Novel as the company embarks on the next phase of its strategy to grow its leadership position in the nutraceutical field while increasing its footprint in adjacent markets," said Monty Yort, the GenNx360 Managing Partner who led the transaction.
About GenNx360 Capital Partners
GenNx360 Capital Partners is a private equity firm focused on investing in industrial business-to-business companies in the middle market. It applies years of Fortune 50 operational and leadership experience to these investments to help drive growth and value creation. The firm primarily focuses on opportunities in the industrial machinery and components, oil and gas, logistics and supply chain management, agricultural, specialty chemicals, and aerospace sectors. GenNx360 was founded in 2006 and is headquartered in New York City, with additional offices in Seattle and Boston.
For more information about GenNx360, please visit: www.gennx360.com
About Novel Ingredient Services
Headquartered in West Caldwell, N.J., Novel Ingredient Services (www.novelingredient.com) is a preferred supplier of botanical and nutraceutical raw materials for the dietary supplement, sports nutrition, food and beverage, and pet care industries. Known for delivering value beyond price per kilo, Novel not only provides high-performance ingredients, but also custom ingredient manufacturing, guaranteed cGMP compliance, and streamlined purchasing/operations. Its national service network includes distribution facilities on both the east and west coasts.
For media inquiries about this press release, please contact:
GenNx360 Capital Partners
Carmen Rojas, Investor Relations Manager
Tel: +1 212.257.6772
SOURCE GenNx360 Capital Partners
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