Golden Gate Capital Acquires Neways International
SPRINGVILLE, Utah (November 8, 2006) – Neways International, a world-wide leader in dietary supplements and personal care products, announced today that it has been acquired by Golden Gate Capital, a San Francisco-based private equity firm. For Neways, founded in 1992 by Tom and Dee Mower, this marks the completion of its multi-year transition from a small founder-owned firm to a world-class multi-national company with top notch management, professional ownership, and sales in 23 countries. Financial details of the transaction were not disclosed.
“This sale marks a major milestone in our history,” stated Eric Larsen, CEO of Neways. “Since 1992, Neways has been a leader in the personal care and nutritional products industry, and our partnership with Golden Gate serves to strengthen that position and maximize our potential.” Larsen, who joined Neways in 2004, will be continuing as CEO of the Company.
Tom and Dee Mower, founders of Neways, said of the transaction, “Selling Neways was one of the hardest decisions of our lives. We believe it is in the best interests of ourselves, employees and distributors to make the change at this time and wish to thank everyone who contributed to the success of Neways.”
“As a strategic investor, we focus on businesses with attractive growth potential and Neways is a perfect fit,” said Prescott Ashe, a Managing Director of Golden Gate Capital. “The Company’s core mission — creating products with 100% non-harmful ingredients — is at the heart of consumers’ desire to live longer, healthier lives and has driven more than a decade of consecutive, annual revenue growth. By partnering with the Neways management team and its approximately 500,000 global distributors, we are confident that this strong historical performance will continue.”
Neways is headquartered in Springville, Utah and operates manufacturing facilities in Salem, Utah, and Auckland, New Zealand. Neways manufactures and distributes more than 300 innovative and exciting products ranging from shampoos and shower gel to nutritional supplements and household cleaners. Neways products are sold by a worldwide network of independent distributors who are committed to the Neways mission.
Neways is a leading manufacturer and distributor of safe, effective and innovative personal care and nutritional products. Neways’ mission is to enhance the health, wealth and well-being of people around the world. Products are sold through a worldwide network of independent distributors with sales in 23 countries. Neways also operates manufacturing facilities in Salem, Utah, and Auckland, New Zealand. Neways” headquarters are located in Springville, Utah. For more information please visit www.neways.com.
About Golden Gate Capital
Golden Gate Capital is a San Francisco-based private equity investment firm with approximately $3.0 billion of capital under management. Golden Gate is dedicated to partnering with world-class management teams to invest in change-intensive, growth businesses. The firm targets investments where there is a demonstrable opportunity to significantly enhance a company’s value. The principals of Golden Gate have a long and successful history of investing with management partners across a wide range of industries and transaction types, including leveraged buyouts, recapitalizations, corporate divestitures and spin-offs, build-ups and venture stage investing. For additional information, visit www.goldengatecap.com.