Golden Gate Capital Acquires Neways International.SPRINGVILLE, Utah Springville is a city in Utah County, Utah, United States. The population was 20,424 at the 2000 census and by 2004 had been estimated at 21,507. Just minutes south of Provo, Springville is treated as a bedroom community for commuters who work in Salt Lake City and Provo, Utah. -- Neways International, a world-wide leader in dietary supplements Noun 1. dietary supplement - something added to complete a diet or to make up for a dietary deficiency diet - a prescribed selection of foods vitamin pill - a pill containing one or more vitamins; taken as a dietary supplement and personal care products, announced today that it has been acquired by Golden Gate Capital, a San Francisco-based private equity firm. For Neways, founded in 1992 by Tom and Dee Mower mower, farm machine used for cutting grasses and other hay crops. Mowers, drawn by or attached to tractors, or self-propelled, have superseded scythes. The mower is essentially an adaptation of the much earlier reaper. The first commercial mower was patented in 1847. , this marks the completion of its multi-year transition from a small founder-owned firm to a world-class multi-national company with top notch management, professional ownership, and sales in 23 countries. Financial details of the transaction were not disclosed. "This sale marks a major milestone in our history," stated Eric Larsen, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Neways. "Since 1992, Neways has been a leader in the personal care and nutritional products industry, and our partnership with Golden Gate serves to strengthen that position and maximize our potential." Larsen, who joined Neways in 2004, will be continuing as CEO of the Company. Tom and Dee Mower, founders of Neways, said of the transaction, "Selling Neways was one of the hardest decisions of our lives. We believe it is in the best interests of ourselves, employees and distributors to make the change at this time and wish to thank everyone who contributed to the success of Neways." "As a strategic investor, we focus on businesses with attractive growth potential and Neways is a perfect fit," said Prescott Ashe, a Managing Director of Golden Gate Capital. "The Company's core mission - creating products with 100% non-harmful ingredients - is at the heart of consumers' desire to live longer, healthier lives and has driven more than a decade of consecutive, annual revenue growth. By partnering with the Neways management team and its approximately 500,000 global distributors, we are confident that this strong historical performance will continue." Neways is headquartered in Springville, Utah and operates manufacturing facilities in Salem, Utah Salem is a city in Utah County, Utah, United States. The population was 4,372 at the 2000 census. It was originally known as "Pond Town". Geography Salem is located at (40.050662, -111.672408)GR1. , and Auckland, New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. . Neways manufactures and distributes more than 300 innovative and exciting products ranging from shampoos and shower gel shower gel shower n → gel m douche to nutritional supplements Nutritional Supplements Definition Nutritional supplements include vitamins, minerals, herbs, meal supplements, sports nutrition products, natural food supplements, and other related products used to boost the nutritional content of the diet. and household cleaners. Neways products are sold by a worldwide network of independent distributors who are committed to the Neways mission. About Neways Neways is a leading manufacturer and distributor of safe, effective and innovative personal care and nutritional products. Neways' mission is to enhance the health, wealth and well-being of people around the world. Products are sold through a worldwide network of independent distributors with sales in 23 countries. Neways also operates manufacturing facilities in Salem, Utah, and Auckland, New Zealand. Neways' headquarters are located in Springville, Utah. For more information please visit http://www.neways.com. About Golden Gate Capital Golden Gate Capital is a San Francisco-based private equity investment firm with approximately $3.0 billion of capital under management. Golden Gate is dedicated to partnering with world-class management teams to invest in change-intensive, growth businesses. The firm targets investments where there is a demonstrable de·mon·stra·ble adj. 1. Capable of being demonstrated or proved: demonstrable truths. 2. Obvious or apparent: demonstrable lies. opportunity to significantly enhance a company's value. The principals of Golden Gate have a long and successful history of investing with management partners across a wide range of industries and transaction types, including leveraged buyouts leveraged buyout, the takeover of a company, financed by borrowed funds. Often, the target company's assets are used as security for the loans acquired to finance the purchase. , recapitalizations, corporate divestitures and spin-offs, build-ups and venture stage investing. Neways International: http://www.neways.com Golden Gate: http://www.goldengatecap.com/ |
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