New Mountain Capital Partners with Jarrow
September 1, 2020 – Los Angeles, CA and New York, NY – Jarrow Formulas, Inc. and Jarrow Industries, Inc. (collectively “Jarrow” or the “Company”), a leading independent formulator, manufacturer and marketer of high-quality and scientifically-supported probiotics, vitamins, minerals and other supplements, announced today that it has partnered with New Mountain Capital, a leading growth-oriented investment firm with over $28 billion in assets under management. In connection with the transaction, the Company also announced the appointments of Ojesh Bhalla as Chief Executive Officer and Wayne Grubbs as Chief Financial Officer.
Founded in 1977, Jarrow has a long heritage of producing innovative and efficacious formulations, having grown from a handful of products to hundreds of nutritional formulations, many of which were firsts for the dietary supplement industry. Jarrow’s goal to promote optimal health with high-quality, effective and affordable dietary supplements has cultivated an attractive, loyal and global customer base.
New Mountain, a New York-based investment firm, identified Jarrow through a proactive focus on the Consumer Health & Wellness, Food Ingredients and Vitamins, Minerals and Supplements industries. New Mountain is providing Jarrow with significant financial and strategic resources to support future growth including both organic and M&A initiatives.
“We look forward to partnering with Jarrow as the Company continues to deliver high quality, science-backed products to its customers,” said Andre Moura, Managing Director at New Mountain Capital. “We look forward to working closely with the team at Jarrow to help the Company realize its full growth potential by investing in new products, channel strategies, digital technologies and M&A, while maintaining the high level of quality and efficacy that have always been the hallmarks of Jarrow’s success.”
“It’s been my passion and mission since 1977 to build a company as special as Jarrow,” said Jarrow L. Rogovin, founder and Chairman of Jarrow. “Jarrow’s new CEO, Ojesh Bhalla is ideally suited to lead Jarrow through its next stage of growth in partnership with New Mountain, so I am excited for what the future holds. New Mountain is known for its focus on business building, and Jarrow will have deep resources at its disposal to help us achieve our strategic growth initiatives. We look forward to this partnership and the many benefits it will yield for our consumers, customers, employees and industry partners globally.”
“Although the leadership of the company that bears Jarrow Rogovin’s name is changing, we will remain steadfast in pursing his lifelong mission to empower health and wellness,” said Ojesh Bhalla, CEO of Jarrow. “I am excited to continue Jarrow’s legacy as a high-quality leader for its customers, suppliers and employees. The future of the Jarrow Formulas brand is bright, and the growth possibilities are limitless, thanks to the financial resources and deep strategic expertise that New Mountain Capital is bringing to the Company.”
Simpson Thacher & Bartlett acted as a legal adviser to New Mountain, and Sawaya Partners acted as financial adviser. Sheppard Mullin acted as legal adviser to Jarrow, and William Hood & Company acted as financial adviser.
About Jarrow Formulas
Jarrow Formulas is a formulator and supplier of superior nutritional supplements. The company was founded in 1977, and today it markets its products in the United States and throughout the world. Jarrow Formulas’ goal is to promote optimal health based on sound scientific research data. The company’s complete line of nutritional products includes vitamins, minerals, probiotics, standardized herbal concentrates, amino acids, enzymes and enteral nutrition products. For more information on Jarrow Formulas, please visit www.jarrow.com.
About New Mountain Capital
New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, public equity, and credit funds with over $28 billion in assets under management. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information on New Mountain Capital, please visit www.newmountaincapital.com.