The acquisition fits in Wellnext’s series of strategic moves, by way of acquisitions, to expand its presence in the dietary supplement industry. Other recent acquisitions include Nutri-Health Supplements and Sedona Labs back in 2014. Financial details were not disclosed.
"NeoCell complements Wellnext's portfolio of brands, expanding it into the fast-growing collagen category while diversifying the company's product category focus," Jose Minski, CEO of Wellnext, said in a press release. "We are excited to work with NeoCell's industry-leading products for beauty, bone and joint health."
Wellnext is a portfolio company owned by an affiliate of Ft. Lauderdale-based private equity firm WM Partners, LP, which focuses on investing in middle-market companies in the health and wellness sector.
With the acquisition of NeoCell, Wellnext now has a portfolio of supplements for joint, bone, and muscle health using formulas based on ingredients such as collagen, biotin and hyaluronic acid.
"We are very excited to partner with Wellnext and gain the support of its operational and commercial capabilities to further expand NeoCell," said Sarah Quadri, NeoCell's Chief Operating Officer. "We are confident that Wellnext will provide unique manufacturing, product development, and market expansion capabilities to support NeoCell's next phase of growth."
PNC Business Credit, a division of PNC Bank, and McLarty Capital Partners were the lead funding agents. Pepper Hamilton LLP served as Wellnext's legal advisor on the transaction.