Daily News: November 25, 2014

GE Capital Provides Nellson Nutraceutical Acquisition Financing

Nellson Nutraceutical announced it entered into a definitive agreement to acquire Le Groupe Multibar, a Montreal-based manufacturer of nutritional and snack bars. The acquisition significantly increases Nellson’s production capabilities, expands product lines and channels and diversifies its customer mix.

GE Capital and Metropolitan Life Insurance Company have provided Nellson with fully committed credit facilities sufficient to close the transaction.

“The merger with Multibar further strengthens our position as a strategic partner of choice within the fast growing Nutraceutical and functional snack bars sector,” Scott Greenwood, CEO of Nellson, who will retain his title in the combined entity, said. “This acquisition combines two respected nutritional bar manufacturers and creates a platform for growth with remarkable capabilities in new product development and best-in-class manufacturing.”

Jean Filion, president of Multibar, who will stay on as a key member of the executive management team, said: “We are excited about merging with Nellson, and capitalizing on the respective strengths of the two companies in order to benefit our current and prospective customers.”
The combined company will have four manufacturing and R&D facilities offering greater capabilities to customers both in the U.S. and Canada, as well as internationally.

Nellson is a portfolio company of Kohlberg & Company, a private equity firm headquartered in New York.

Paul, Weiss, Rifkind, Wharton & Garrison and Stikeman Elliott acted as legal counsel to Nellson. Houlihan Lokey acted as financial advisor to Multibar.

The transaction is expected to close in approximately 30-60 days, and is subject to regulatory approvals and other customary closing conditions.

Irwindale, CA-based Nellson is a formulator and manufacturer of branded and private-label nutritional bar and functional powder products in North America.