Jamieson Laboratories Ltd, maker of one of Canada's best-known brands of vitamins and nutrition supplements, is being sold to private equity firm CCMP Capital Advisors for an undisclosed price.
Jamieson chairman Eric Margolis says the deal, which is expected to close Jan. 31., will see the company benefit from new infusions of capital that will help fuel its growth, including expansion in the United States and internationally.
"It's time for me to pass the helm to a group of highly professional managers and experienced investors and operators," said Margolis, who has headed the company for 41 years.
With corporate offices in Toronto, Jamieson products are made at the company's laboratories in Windsor, Ont., and exported to more than 50 countries.
Established in 1922, Jamieson is Canada's largest manufacturer and distributor of vitamins, minerals and nutrition supplements.
CCMP Capital Advisors specializes in investments in the consumer-retail, industrial, health care and energy sectors.
Margolis will remain chairman of the Jamieson board of directors and act as a consultant.
Jamieson CEO Vic Neufeld will continue in his role and work closely with Doug Cahill, a CCMP executive advisor. Cahill will become a consultant to Jamieson and will chair its executive committee.
"CCMP will prove excellent stewards for this landmark company and will continue Jamieson's devotion to producing the world's finest, purest nutritional products," Margolis said.
Margolis claims one in three Canadians take Jamieson supplements.
"Jamieson has built an outstanding reputation for quality, purity and innovation since its founding 92 years ago, and has now established its position as the market leader in Canada," CCMP managing director Rich Zannino said in a media release. "We see tremendous opportunities to grow Jamieson's footprint in the $30 billion global [vitamin, mineral, supplement] market."