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North Castle makes 2.5x return on nutrition co

The Connecticut-based healthcare investor has closed its sale of EAS to pharma giant Abbott Laboratories for $320m.

Greenwich, Connecticut-based North Castle Partners has closed the sale of nutrition company EAS to pharmaceutical giant Abbott Laboratories for $320 million (€240 million).

According to a statement, North Castle will return more than 2.5 times the firm’s original investment.

EAS, based in Colorado, markets several major healthy nutrition brands, including AdvantEdge, Myoplex and Body-for-LIFE.

The sale represents North Castle’s second realisation of the year. This past April, the firm, along with San Francisco-based Golden Gate Capital, announced a $650 million recapitalisation of vitamin maker Leiner Health Products. The recap included the sale of North Castle's stake of more than 80 percent in the company, an investment the firm made from its Fund I in 1997. According to a press statement, North Castle realization was to be approximately three times capital with an IRR of 17 percent for the seven-year holding period.

North Castle has invested more than $1.5 billion million to date in more than 40 companies in the 'healthy living and aging' marketplace, which includes fitness clubs, alternative medicines and vitamin supplements.