Novel Ingredient Services is planning continued expansion of its services and capabilities within the natural products industry, as well as related food and beverage and cosmetics markets, in the wake of an investment from GenNx360 Capital Partners. GenNx360, a New York-based private equity fund investing in middle market industrial and business services companies, announced its investment in Novel on March 31, 2014 (http://gennx360.com/newsitem.php?id=91). Advantra Z Inc. (formerly Nutratech Inc.) is included in the transaction. Terms were not disclosed.
"This is a tremendously exciting opportunity for Novel," said Bob Green, Novel chairman. "The GenNx360 investment will enable us to continue the high double-digit growth we've experienced over the past several years and more fully execute our strategic vision." According to Green, plans include enhancement of Novel's new production facility scheduled to open in June 2014, investment in value-added manufacturing capabilities and technology, international expansion, and acquisition of additional companies.
Rick Antonoff, vice president of sales, noted that there will be no interruption in the company's day-to-day activities. "As far as Novel and Advantra Z customers are concerned, it's business as usual," he said. "We have a highly successful team in place, and GenNx360 completely supports current management. We will continue to provide the high level of service our customers are accustomed to."
GenNx360 Capital Partners (www.gennx360.com) is a private equity firm focused on investing in industrial business-to-business companies in the middle market. It applies years of Fortune 50 operational and leadership experience to these investments to help drive growth and value creation. The firm primarily focuses on opportunities in the industrial machinery and components, oil and gas, logistics and supply chain management, agricultural, specialty chemicals, and aerospace sectors. GenNx360 was founded in 2006 and is headquartered in New York City, with additional offices in Seattle and Boston.
Headquartered in West Caldwell, N.J., Novel Ingredient Services (www.novelingredient.com) is a preferred supplier of botanical and nutraceutical raw materials for the dietary supplement, sports nutrition, food and beverage, and pet care industries. Known for delivering value beyond price per kilo, Novel not only provides high-performance ingredients from cGMP-compliant facilities, but also global sourcing expertise, custom ingredient manufacturing, rigorous QA/QC, regulatory intelligence, and world-class customer service. The company’s international service network includes distribution facilities on both the east and west U.S. coasts, as well as an office in China.