Swander Pace Capital Completes Sale of Functional Formularies to Danone
01 Mayo 2024 - 1:08PM
Business Wire
Swander Pace Capital (“SPC”), a leading private equity firm
specializing in consumer product companies, today announced the
sale of Functional Formularies, a leading provider of organic,
whole food, shelf-stable feeding tube formulas, to Danone. Since
being acquired by SPC in November of 2018, Functional Formularies
has benefited from significant investments in sales, innovation,
and operational infrastructure, substantially strengthening the
platform and setting the stage for continued growth.
"It was a pleasure to work with the Functional Formularies team;
their hard work and dedication enabled a fantastic result,” said Mo
Stout, Managing Director at SPC. “This is a great example of SPC’s
ability to partner with management teams to help accelerate growth
and build value. We wish the Functional Formularies team all the
success going forward and are confident they will continue to
deliver results for patients and families for many years to
come.”
“I am so proud of our team’s ability to deliver high quality
ingredients to help with improved patient outcomes,” said Marc
Gibeley, CEO of Functional Formularies. “This has been an extremely
rewarding journey and partnering with the SPC team has been a
pleasure. Their strategic perspective, network, and broader
category insights were key enablers of the team’s success and are
greatly appreciated.”
“Functional Formularies has unique and differentiated products
that are helping patients and families thrive every day,” said Alex
Litt, Director at SPC. “I look forward to seeing the Company’s
continued growth and innovation under Danone’s leadership and
international capabilities.”
The Functional Formularies investment exemplifies Swander Pace
Capital’s depth and experience investing in the consumer healthcare
sector. Prior and current investments include businesses such as
Clarion Brands, Insight Pharmaceuticals, Prestige Brands, Renew
Life, Swanson Health, Mommy’s Bliss, Captek Softgel International,
Reliance Holdings, and Santa Cruz Nutritionals.
Lazard served as exclusive financial advisor to Functional
Formularies, and Jones Day acted as legal counsel to Functional
Formularies and Swander Pace Capital on the transaction.
About Swander Pace Capital
Swander Pace Capital (SPC) is a private equity firm that invests
in companies that are integral to consumers’ lives. SPC’s consumer
industry expertise informs the firm’s strategic approach and adds
value through access to its proven SPC Playbook, senior team, and
extensive network. The firm partners with management teams to help
build companies to their full potential. SPC invests in businesses
across three domains of consumer lifestyles: Food + Beverage, Body
+ Wellness, and Home + Family. Representative investments include
Bragg Live Food Products, Swanson Health Products, Café Valley
Bakery, Patriot Pickle, Mommy’s Bliss, Merrick Pet Care, Kicking
Horse Coffee, Purely Elizabeth, Captek Softgel International, Fine
Choice Foods, and Monistat. With offices in California, New Jersey,
and Ontario (Canada), SPC has invested in more than 60 companies
and raised cumulative equity commitments of approximately $2.2
billion since 1996. For more information, visit www.spcap.com.
About Functional Formularies
Functional Formularies is a leading provider of organic, whole
food, shelf-stable feeding tube formulas. The Company offers
unique, organic, and whole food alternatives to traditional feeding
tube formulas. Liquid Hope® and Nourish® are nutritionally
complete, plant-based, and USDA-certified organic. The Company
offers its products to institutional customers in hospital and
long-term care settings and to retail customers online throughout
the U.S. and Canada. To learn more about Functional Formularies
products, visit www.functionalformularies.com.
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Jeremy Milner BackBay Communications (401) 862-9422
jeremy.milner@backbaycommunications.com