Daily News: January 22, 2015

Square 1 Increases Elite One Source Facility

Square 1 Bank increased its existing credit facility to Elite One Source Nutrisciences to $15.2 million. Proceeds helped finance the firm’s recent acquisition of Nutritional Laboratories International.

Scott Foote, SVP and managing director of Square 1 Bank’s life sciences practice in the west, said, “At Square 1, it’s our goal to provide clients with the flexible financing solutions they need to help their businesses grow. We are pleased to continue our relationship with Elite One, and look forward to supporting the company’s continued success as they pursue their next stage of growth and expansion.”

Dr. Tom Burnell, president and chief executive officer of Elite One, said, “As the regulatory landscape governing the nutritional supplement industry evolves, the addition of NLI to our portfolio allows Elite One to accelerate its position as the industry’s leading provider of high-quality products to some of the most recognized brands and retailers in the industry. Elite One will be the industry’s elite, single source company for contract manufacturing of tablets, capsules and powders.”

Elite One is a manufacturer of nutritional supplements. Elite One is majority owned by Ampersand Capital Partners, a middle market growth equity firm.