Print Page Download Page (PDF)

Supplement Manufacturing M&A

Selling a Supplement Manufacturing or Processing Business

Morgan & Westfield is a leading M&A firm specializing in business sales, mergers, acquisitions, and valuations for privately owned businesses in the food and beverage sector. Our transaction focus is on lower middle-market companies that produce between $1 million and $10 million in earnings before interest, taxes, depreciation, and amortization (EBITDA) and on food and beverage companies with annual revenues between $5 million and $100 million.

Supplement Manufacturing M&A Advisors and Investment Bankers

Our team deeply understands the supplement manufacturing and processing subsector and can assist you with every aspect of the sales process. From planning your sale to closing the deal, we’ll handle every step of the process for you. Contact us to discuss your goals, expectations, and wishes for your company’s future. You’ll learn more about the perfect timing for selling and the current market conditions, and then we’ll assess your readiness to hit the market.

Business Valuations for Supplement Producers

Are you getting ready to sell? Are you in the process of selling? Or, like many supplement business owners, are you exploring your options for selling sometime down the road? No matter your plans, our thorough yet objective assessment of your business can help you decide if it’s the right time to sell. Our in-depth business analysis will give you a clear idea of the best steps to take to maximize value and be prepared for each step of the process.

Types of Businesses We Sell and Value

Contract Supplement Manufacturers
Dietary Supplement Manufacturers
Digestive Health Supplement Manufacturers
Energy and Performance Supplement Manufacturers
Gut Health Supplement Manufacturers
Health and Beauty Supplement Manufacturers
Herbal and Botanical Supplement Manufacturers
Meal Replacement Supplement Manufacturers
Nutraceutical Manufacturers
Omega-3 and Fish Oil Supplement Manufacturers
Organic and Natural Supplement Manufacturers
Pet Supplement Manufacturers
Private Label Supplement Manufacturers
Probiotic Supplement Manufacturers
Protein Supplement Manufacturers
Specialty and Functional Supplement Manufacturers
Sports Nutrition Manufacturers
Vitamin and Mineral Supplement Manufacturers
Weight Management Supplement Manufacturers
Whole Food Supplement Manufacturers

Are you thinking of selling a food or beverage-related business?

Read our comprehensive book

Overview of the Supplement Industry

Supplement manufacturing is the process of producing dietary supplements designed to boost a person’s diet with extra nutrients, vitamins, minerals, herbs, or other beneficial substances. It involves various stages, including research and development, formulation, ingredient sourcing, production, quality control, packaging, and labeling. Supplement manufacturing plays a crucial role in the health and wellness industry by providing consumers with convenient and accessible options to support their overall well-being, addressing nutritional deficiencies, and achieving specific health goals.

How We Got Here – A Brief History

1912 – Vitamin Discovery Credited: Casimir Funk, credited with discovering vitamins, proposed the idea that various diseases could be cured if certain nutrients were present in foods.
1920s – Vitamin A and C Sales Surged: Vitamin A and C sales surged as the public began to believe that if a supplement contained vitamins, it contained other miraculous chemical compounds as well.
1922 – Multivitamin-Type Products Advertised: Multivitamin-type products were advertised for relief from pimples, blackheads, boils, constipation, malnutrition, nervous deficiency, physical breakdown, brain fog, general debility, and run-down conditions, to “loosen up the slime and accumulated bile and clean the system,” to improve energy and digestion, and help weak, malnourished people gain weight.
1930s – Vitamin B2 Started: The Vitamin B2 compound was isolated, produced, and offered to the public.
1938 – FD&C Act Was Passed: The Federal Food, Drug, and Cosmetic (FD&C) Act was passed, requiring new drugs to undergo safety testing before being marketed.
1941 – National Nutrition Conference for Defense Created: President Franklin D. Roosevelt created the National Nutrition Conference for Defense.
1941 – Recommended Dietary Allowances Published: The first Recommended Dietary Allowances (RDAs) were published by the National Research Council, providing guidelines for daily nutrient intake.
1943 – One-A-Day Multivitamins Started: The first one-a-day multivitamin appeared.
1950s – Multivitamins After Meals Promoted: Many multivitamins were sold and promoted in stores to be kept on the dining table for meal times.
1973 – Plant-Based Vitamins Started: MegaFood started making vitamins from real food, and others began using plant-based ingredients rather than synthetic ingredients and artificial additives.
1977 – Dietary Product Labels Required: The U.S. Food and Drug Administration established regulations for dietary supplement labeling, requiring accurate and informative product labels.
1983 – Natural Products Association Founded: The National Nutritional Foods Association, now known as the Natural Products Association, was founded as a trade association for the dietary supplement industry.
1990 – The Nutrition Labeling and Education Act Passed: The Nutrition Labeling and Education Act was passed in the United States, requiring standardized nutrition labeling on most food products, including dietary supplements.
1994 – The Dietary Supplement Health and Education Act Signed: The Dietary Supplement Health and Education Act was signed into law in the United States, defining dietary supplements and establishing a regulatory framework for their safety, labeling, and claims.
1997 – Good Manufacturing Practices Regulations Released: The FDA released regulations on Good Manufacturing Practices (GMPs) for dietary supplements, specifying manufacturing standards to ensure product quality.
1998 – The Office of Dietary Supplements Established: The Office of Dietary Supplements was established within the National Institutes of Health to promote research and education on dietary supplements.
2000 – Dietary Supplements’ Popularity Rose: The year 2000 marked continued growth in the popularity of dietary supplements among consumers. Supplements became more mainstream and widely accepted as people sought to support their overall health and well-being through alternative means.
2005 – Market Size and Consumer Demand Expanded: The supplement market continued to expand in 2005 due to increasing consumer interest in health and nutrition.
2010 – The Global Organization for EPA and DHA Omega-3s Established: The Global Organization for EPA and DHA Omega-3s (GOED) was established to set quality and purity standards for omega-3 fatty acid supplements.
2011 – Voluntary Standards for Dietary Supplements Established: The U.S. Pharmacopeia (USP) established voluntary standards for dietary supplements, known as USP-Verified Mark.
2019 – Dietary Supplement Ingredient Advisory List Launched: The FDA launched the Dietary Supplement Ingredient Advisory List to warn consumers about potentially harmful ingredients in supplements.
2020 – Dietary Supplements Valued: The American market for dietary supplements was valued at $140.3 billion.

Trends That May Affect M&A Activity

The following is a list of trends that may affect future M&A activity in the dietary supplement industry:

Sleep Support Supplements: Awareness that a good night’s sleep and stress management are beneficial to health has become clearer to consumers. This has led to a growing demand for supplements that support sleep. Gummies containing magnesium and melatonin, for example, and similar products are gaining popularity.
Supplements for Mental Health: A rise in the focus on mental health has seen consumers turn toward natural ways to improve their mental well-being. CBD, or cannabidiol, supplements are known to reduce anxiety and depression and are becoming more popular. Other products fortified with vitamins B12 and D, both known for mood-boosting, are also common. Vitamin B12 helps the brain produce serotonin, a chemical that regulates mood, and vitamin D deficiencies are linked to depression.
Collagen Supplements: Collagen, a protein found in the body, can reduce wrinkles and dryness, improving skin health. It also helps maintain cartilage, the rubbery connective tissue that protects joints, improves bone health, and relieves joint pain. Collagen supplements are increasing in popularity because they offer extensive benefits to a wide range of consumers.
The Vegan Lifestyle: Veganism and the desire for vegan-friendly supplements are gaining pace. These dietary supplements address nutritional deficiencies that sometimes result from following a vegan diet. Examples include insufficient iron, calcium, vitamin B12, and omega-3 fatty acids. Regular dietary supplements are often available in vegan versions to cater to vegan consumers, and demand shows no sign of a slowdown. With consumers more aware of availability, the market is expanding.
Rise of the Gummies: Vitamins in gummy form continue to attract consumers who want a more comfortable way to take supplements. Immune health, mood and stress support, and sleep and relaxation are among the top gummy supplements.
Vitamin and Nutraceutical Gummies: One of the most prominent supplement trends in recent years is vitamin and nutraceutical gummies. Not only are they enjoyable to consume, but they allow for easy absorption of vitamins and nutrients. They appeal to children and adults alike, making gummies a versatile addition to any product line. Adding gummies to your brand offerings can help increase market share and reach a broader audience.

Stay in the know about the ever-changing food and beverage industry.

Subscribe and Tune in to Food & Beverage Talk

Summary of Supplement Manufacturing Acquisitions

Summary of Acquisitions
Target			Buyer			Transaction
Target Industry(Industry > Niche)	Target	Target Location	Buyer Industry	Buyer	Buyer Location	Date	Purchase Price
Biotechnology > Dietary Supplements	ComboCap Inc.	USA	Nutraceutical Products	Vantage Nutrition	India	Mar 2023	Undisclosed
Digital Health > AI Technology, Digestive Health Tracking	Auggi	USA	Microbial Sciences	Seed Health Science	USA	Feb 2021	Undisclosed
Health and Nutrition > Health and Wellness Supplements	Capstone Nutrition	USA	Health and Wellness	Innovations in Nutrition + Wellness	USA	Jun 2021	Undisclosed
Health and Nutrition > Methylsulfonylmethane (MSM)	Bergstrom Nutrition	USA	Health and Nutrition	Balchem Corporation	USA	Aug 2022	Undisclosed
Health and Nutrition > Sports Nutrition and Food Supplements	Manumixx	Belgium	Health and Nutrition	Aminolabs	Belgium	Jan 2016	Undisclosed
Health and Nutrition > Vitamins and Supplements	Nutri Advanced	UK	Global Life Sciences	Metagenics	USA	Aug 2022	Undisclosed
Health and Nutrition > Vitamin K2	Kappa Bioscience	Norway	Health and Nutrition	Balchem Corporation	USA	Jun 2022	$338 Million
Health and Personal Care > Proteins, Vitamins, Supplements	Vital Proteins	USA	Nutritional Science	Nestlé Health Science	USA	Feb 2022	Undisclosed
Probiotics > Fermented Beverages, Supplements	Bio-K+	Canada	F&B Functional and Nutritional Solutions	Kerry Group	Ireland	Nov 2020	Undisclosed
Sports Nutrition > Nitric Oxide-Based Sports Products	Medical Research Institute	USA	Medical Research Institute	Natrol	USA	Jun 2007	$8 Million

Vantage Nutrition Acquired ComboCap (Biotechnology)

Date: March 2023
Price: Undisclosed
Target: ComboCap Inc. – Known as ComboCap Health, is a product technology company with global reach across the dietary supplement, nutraceutical, and medicinal industries.
Location: New Jersey, United States
Buyer: Vantage Nutrition – Creates innovative nutraceutical or fortified products in nutritional and dietary supplement form. It also specializes in sports nutrition.
Purpose: This acquisition positioned Vantage Nutrition as the only company in the world supplying “Sidebyside” health products to nutritional and pharmaceutical markets. Sidebyside technology packs wet and dry ingredients in a three-piece capsule with an internal divider separating them.
Details: Vantage Nutrition, an ACG Group company based in Chadds Ford, Pennsylvania, has announced full shareholding ownership of ComboCap Inc., based in Whippany, New Jersey, and South Africa-based BioCap. This is Vantage Nutrition’s second U.S. investment in under a year and its first in South Africa following its acquisition of AquaCap from Nestlé S.A in December 2022.

Seed Health Science Acquired Auggi (Digital Health)

Date: February 2021
Price: Undisclosed
Target: Auggi Digital Health – A digital health company with a suite of artificial intelligence and machine learning technologies to track and analyze digestive health.
Location: New York, United States
Buyer: Seed Health Science – A microbial sciences company.
Purpose: The acquisition enabled Seed Health to integrate Auggi’s mobile tracking application across its human clinical trials for assessing DS-01, one of Seed’s supplements, and the gut microbiota in irritable bowel syndrome, constipation, and antibiotic consumption.
Details: Seed Health will acquire Auggi’s technology assets, including its AI algorithm for real-time Bristol stool typing, the world’s largest stool image database, and a mobile monitoring application for clinical research.

Innovations in Nutrition + Wellness Acquired Capstone Nutrition (Health Supplements)

Date: June 2021
Price: Undisclosed
Target: Capstone Nutrition – A leading pure-play, turnkey developer and manufacturer of high-quality health and wellness supplements.
Location: Utah, United States
Buyer: Innovations in Nutrition + Wellness (INW) – A leader in custom R&D, manufacturing, and marketing support solutions for global brands that serve the fast-growing nutrition and wellness industry
Purpose: “This transaction positions INW as a leading, full-service platform in this fragmented and high-demand segment of the health and wellness market,” said Justine Cheng, partner at Cornell Capital. “Capstone’s expertise across a variety of product forms and ingredients, highly flexible infrastructure and a 30-year history of quality and efficiency as a trusted brand partner is impressive. We look forward to partnering with Jared [Leishman] and the rest of Capstone’s experienced team to share best practices and drive continued growth at INW across an expanded operational and customer footprint.”
Details: Innovations in Nutrition + Wellness announced that it acquired Capstone Nutrition, a best-in-class developer and manufacturer of high-quality nutrition and wellness products, from Brightstar Capital Partners. Terms of the private transaction were not disclosed.

Balchem Acquired Bergstrom Nutrition (MSM Manufacturer)

Date: August 2022
Price: Undisclosed
Target: Bergstrom Nutrition – A leading science-based manufacturer of methylsulfonylmethane (MSM) based in Vancouver, Washington.
Location: Washington, United States
Buyer: Balchem Corporation – A global specialty ingredients company focused on nutrition and health.
Purpose: Ted Harris, the chairman, CEO, and president of Balchem, said: “We are excited to welcome Bergstrom Nutrition to Balchem. As the MSM market leader, Bergstrom Nutrition has excelled in advancing the science and presence of MSM globally. The addition of OptiMSM® to our portfolio provides a synergistic scientific advantage in Balchem’s key strategic therapeutic focus areas, such as longevity and performance, and is a strong fit with Balchem’s specialty, science-backed mineral products. We look forward to expanding marketplace opportunities together.”
Details: Following the acquisition, Bergstrom Nutrition was included in Balchem’s Human Nutrition and Health business segment and integrated into the minerals and nutrients business unit.

Aminolabs Acquired Manumixx (Sports Nutrition and Food Supplement)

Date: January 2016
Price: Undisclosed
Target: Manumixx – A leading partner in manufacturing custom-made sports nutrition and health food products. Its range consists of dairy or vegetable protein blends, isotonic energy drinks, greens powders, and all kinds of food supplements.
Location: Zottegem, Belgium
Buyer: Aminolabs – Aminolabs Group is one of the largest companies in Europe, focusing solely on the sports and health nutrition segment as a one-stop shop for its partners.
Details: In December 2015, Aminolabs Group emerged out of a strategic merger between two leading Belgian companies in this field of business: Aminolabs and Manumixx.

Metagenics Acquired Nutri Advanced (Nutritional Supplements)

Date: August 2022
Price: Undisclosed
Target: Nutri Advanced – Provides vitamins, health, and nutritional supplements to health professionals and consumers across the United Kingdom and Ireland.
Location: Manchester, United Kingdom
Buyer: Metagenics – A global life sciences company focused on reversing chronic illness and improving health. Purpose: “This acquisition fits perfectly in our strategy to have a direct presence in all major EU countries and to exploit the synergies of pan-European activity in nutrition-based products and concepts for helping people to lead a healthier, happier life,” said Stijn Oste, regional VP of EMEA for Metagenics.
Details: Nutri Advanced has been acquired by Metagenics in a 100% share acquisition. Nutri Advanced, headquartered in Whaley Bridge, close to Manchester, in the United Kingdom, has been a partner and exclusive distributor of Metagenics products for many years. This long-standing relationship has made Nutri Advanced a highly valued partner for thousands of healthcare practitioners in the United Kingdom and Ireland, based on the products and nutritional concepts of Metagenics, among others.

Balchem Acquired Kappa Bioscience (Vitamin K2)

Date: June 2022
Price: $338 Million
Target: Kappa Bioscience – A supplier of vitamin K2 for nutrition.
Location: Oslo, Norway
Buyer: Balchem Corporation – A specialty ingredients company specializing in nutrition and health.
Purpose: “This acquisition accelerates our strategy to expand our portfolio of science-based specialty nutrients with leading positions in growing markets. Vitamin K2 fits squarely with our strategic focus and vision of making the world a healthier place,” said Ted Harris, chairman, CEO, and president of Balchem.
Details: Balchem is acquiring Kappa from majority owner Verdane Edda for an enterprise value of NOK 3.175 billion or approximately $338 million. Kappa’s revenues are approximately $53 million, according to Balchem, which reports the company has a strong growth and margin profile. Kappa will be included in Balchem’s human nutrition and health business segment following the acquisition.

Nestlé Health Science Acquired Vital Proteins

Date: February 2022
Price: Undisclosed
Target: Vital Proteins LLC – Manufactures and retails health supplement products. The company offers nutritional proteins and vitamin products for digestion, fitness, joint health, energy, and personal care. Vital Proteins serves customers in the United States.
Location: Illinois, United States
Buyer: Nestlé Health Science – A leader in the field of nutritional science, committed to redefining the management of health.
Purpose: “Vital Proteins has had incredible growth over the past two years,” said Greg Behar, CEO of Nestlé Health Science. “We have worked to expand the brand geographically, scale up R&D, and innovate on new products. More people around the world are becoming aware of how collagen can be incorporated into their wellness journeys.”
Details: Nestlé Health Science has completed the final acquisition of Vital Proteins, the market leader in collagen in the United States and a leading lifestyle and wellness platform offering supplements, beverages, and food products. Nestlé Health Science acquired a majority stake in Vital Proteins in 2020. Vital Proteins will continue to be run out of Chicago, Illinois. Tracey Halama, previously chief revenue officer and president of Vital Proteins, has been appointed CEO as Kurt Seidensticker, founder of Vital Proteins, steps aside. Financial details of the transaction are not being released.

Kerry Group Acquired Bio-K+ (Probiotics)

Date: November 2020
Price: Undisclosed
Target: Bio-K Plus International – Offers probiotic fermented beverages and supplements in the North American market.
Location: Quebec, Canada
Buyer: Kerry Group – Provides functional and nutritional solutions to the food, beverage, and pharmaceutical industries.
Purpose: “Bio-K Plus further expands our portfolio of probiotics with the addition of three science-backed strains as we continue to help enhance the health and wellness of consumers across the globe by having a strong complement of published clinical trials confirming efficacy,” said Neil Cracknell, president of Kerry Applied Health & Nutrition.
Details: Kerry has agreed to acquire Bio-K Plus International, a company based in Laval, Quebec, that offers probiotic fermented beverages and supplements in the North American market, Dublin-based Kerry announced on November 5. Bio-K Plus products have been shown to help maintain healthy intestinal flora and support intestinal function and the immune system, according to Bio-K Plus International.

Natrol Acquired Medical Research Institute (Sports Nutrition)

Date: June 2007
Price: $8 Million
Target: Medical Research Institute – Provides nitric oxide-based sports nutrition products and has a reputation for innovation in the sports market.
Location: Massachusetts, United States
Buyer: Natrol Inc. – Natrol is driven to become the most desired nutritional supplement brand by creating products that support your healthy life.
Purpose: Natrol management stated the acquisition would help accelerate Natrol’s corporate development plan by creating scale, synergies, and new avenues for growth.
Details: Natrol Inc. (NASDAQ: NTOL) acquired sports nutrition product provider Medical Research Institute for an initial purchase price of $8 million in cash and potential earnout payments based on the company achieving certain levels of EBIT (earnings before interest and taxes) over the next three years.

Get the latest insights on how to sell a food and beverage company.

Read our book

Public Companies

The following is a list of public companies that operate in the supplement manufacturing industry:

BellRing Brands (NYSE: BRBR): BellRing Brands is a provider of ready-to-drink protein shakes and other beverages, powders, and nutrition bars. The company’s primary brands are Premier Protein and Dymatize. Premier Protein’s product portfolio consists of ready-to-drink protein shakes, refreshing protein beverages, and protein powders. Dymatize brand’s portfolio is an assortment of sports nutrition products, including protein powders. Dymatize’s protein powder portfolio includes three primary products: ISO100, made with hydrolyzed 100% whey protein isolate, Elite 100% Whey, and Super Mass Gainer. The company’s products are distributed across a network of channels, including club, food, drug, mass e-commerce, specialty, and convenience stores.

BioGaia AB (NASDAQ Stockholm: BIOG.B): BioGaia AB engages in developing, marketing, and selling probiotic products. It operates in the pediatric, adult health, and other segments. The pediatrics segment sells drops, oral rehydration solutions, digestive health tablets, and also royalties pertaining to pediatric products. The adult health segment includes gut health tablets, oral health products, and offers cultures as an ingredient in a licensee’s dairy product. The other segment consists of royalties from development projects, and revenue from packaging solutions. The company was founded by Jan Annwall and Peter Michael Rothschild in 1990 and is headquartered in Stockholm, Sweden.

Blackmores (ASX: BKL): Blackmores Ltd. engages in developing and marketing health products for humans and animals. Its products include vitamins and herbal and mineral nutritional supplements. The company was founded by Maurice Blackmore in 1930 and is headquartered in Warriewood, Australia.

Herbalife Nutrition (NYSE: HLF): Herbalife Ltd. provides health and wellness products. It operates in North America, Latin America, EMEA, Asia Pacific, and China. Herbalife is a global nutrition company offering a range of science-based nutrition products, including nutritional supplements, weight management, and personal care products to support a healthy lifestyle. These products are available from trained and educated independent distributors. Mark Reynolds Hughes started the company in February 1980, and it is headquartered in Los Angeles, California.

Jamieson Wellness (TSX: JWEL): Jamieson Wellness, Inc. manufactures and sells sports nutrition products and specialty supplements. It operates through the Jamieson Brands and Strategic Partners segments. The Jamieson Brands segment comprises manufacturing, distributing, and marketing branded natural health products, including vitamins, minerals, and supplements. The Strategic Partners segment offers contract manufacturing services to worldwide consumer health companies and retailers. The company began in 1922 and is based in Toronto, Canada.

Mannatech (NASDAQ: MTEX): Mannatech, Inc. develops nutritional supplements, weight-management products, and topical skin care products that promote optimal health and wellness. Its product categories include integrative health, targeted health, fitness, skincare, essentials, and home. Marlin Ray Robbins and Samuel L. Caster founded the company in November 1993, and it is headquartered in Flower Mound, Texas.

Medifast (NYSE: MED): Medifast, Inc. provides healthy living products and programs. It offers the OPTAVIA brand, a lifestyle solution centered on developing new healthy habits through smaller, foundational changes called micro-habits. The firm’s product line includes bars, bites, pretzels, puffs, cereal crunch, drinks, hearty choices, oatmeal, pancakes, pudding, soft serve, shakes, smoothies, soft bakes, and soups. William Vitale founded the company in 1981, with its headquarters in Baltimore, Maryland.

Natural Health Trends (NASDAQ: NHTC): Natural Health Trends Corp. offers direct selling and e-commerce services. It provides personal care and wellness products through the NHT Global brand. The company began in 1988 and is based in Hong Kong.

Nutraceutical International Corporation (NASDAQ: NUTR): Nutraceutical is one of America’s largest manufacturers and marketers of quality branded nutritional supplements for health food stores. The company sells its branded products under the Solaray, KAL, NaturalMax, VegLife, Premier One, and Solar Green brands directly and exclusively to health food stores in the United States and internationally, primarily to distributors and retailers. In addition to branded products, the company manufactures premium bulk formulations for sale to other manufacturers and marketers in the nutritional supplement industry. Since its formation in 1993, the company has achieved rapid growth.

Nature’s Sunshine Products (NASDAQ: NATR): Nature’s Sunshine Products, Inc. manufactures and sells nutritional and personal care products. Its product lines include general health, immune, cardiovascular, digestive, personal care, and weight management. It operates in Asia, Europe, North America, Latin America, and other countries. Eugene L. Hughes, Kristine F. Hughes, and Pauline Hughes-Francis founded the company in 1972, and it is headquartered in Lehi, Utah.

Simply Good Foods Co. (NASDAQ: SMPL): Simply Good Foods Co. is a consumer-packaged food and beverage company that develops, markets, and sells nutritional food and snacking products, including nutrition bars, ready-to-drink shakes, snacks, confectionery, and frozen meals under the Atkins and Quest brands. Founded on March 30, 2017, Simply Good Foods is headquartered in Denver, Colorado.

Thorne HealthTech (NASDAQ: THRN): Thorne HealthTech, Inc. is engaged in the provision of a total system for wellness. It uses testing and data to enhance product quality and deliver personalized solutions to consumers, health professionals, and professional sports teams. It also helps pharmaceutical and biotechnology companies repurpose existing drugs and compounds, improve existing medications, and develop new products. The company was founded by Paul Jacobson in 2010 and is headquartered in New York, NY.

USANA (NYSE: USNA): Usana Health Sciences, Inc. is one of the largest publicly held, direct-selling nutrition, personal health, and wellness companies in the world. USANA develops science-based health products and distributes them internationally. As of 2021, Usana was the 14th largest multi-level marketing company in the world by revenue. The company manufactures most of its nutritional products, dietary supplements, and skincare products at a West Valley City facility. Its products are sold in 24 countries via a network of independent distributors.

Private Equity Firms

The following is a list of private equity firms investing in the supplement manufacturing and processing industry:

Highlander Partners: Highlander Partners is a private investment firm operating in various industries, including supplements and health products. It seeks to support companies in the consumer sector, including those involved in dietary supplements and nutraceuticals. Investments it has made in the industry include:

Balanced Nutritionals – A holding company for emerging and innovative brands in the nutrition and wellness category. Through extensive research and development, these brands develop unique products in fast-growing nutritional areas, including sports nutrition and performance and beauty and wellness supplements. The company’s brands include Hilo Nutrition and Go Organic supplements with clinically proven ingredients in confection delivery systems that are flavor-balanced and easy to consume.

Bettera Brands – Operates as a holding company for Bettera Wellness, Nutravail, and Hillside, focusing on confection products as alternative delivery systems for vitamins, minerals, and supplements. Bettera Wellness manufactures branded and private-label gummy vitamins and better-for-you gummy confection products.

New Mountain Capital: New Mountain Capital, a private equity and venture capital firm, has invested in the consumer health and wellness sector, including dietary supplements. It focuses on companies with strong growth potential and innovative product offerings. Investments it has made in the industry include:

Vytalogy Wellness – Vytalogy Wellness and its family of brands, Natrol and Jarrow Formulas, is a modern wellness company that fuses science and quality ingredients to create highly efficacious products that transform consumers’ lives. Founded in 1977, Jarrow Formulas is a leading independent formulator, manufacturer, and marketer of high-quality and scientifically supported probiotics, vitamins, minerals, and supplements.

TSG Consumer Partners: TSG Consumer Partners is a private equity firm that focuses on consumer brands, including those in the health and wellness space. It has invested in several supplement companies, particularly those specializing in functional foods and natural health products. Investments it has made in the industry include:

CytoSport Inc. – An American manufacturer of sports-oriented nutritional products or supplements based in Benicia, California.

Lucky Vitamin – Founded in 2005, Lucky Vitamin is an online retailer of vitamins, minerals, supplements, natural/organic personal care, and other health and wellness products.

Vitaminwater – Glacéau pioneered the enhanced water category through its Vitaminwater, Smartwater, and Fruitwater brands. These market-disrupting products offer consumers more flavor than bottled water and fewer calories than soft drinks, plus they provide functional benefits through vitamin and mineral supplementation. And, of course, they taste good. Initially available only on the East Coast, Glacéau’s products are now sold in 26 countries.

Venture Capital Firms

The following is a list of venture capital firms investing in the supplement manufacturing and processing industry:

BFG Partners: A venture capital firm that seeks partnerships with early-stage businesses across consumer product categories focusing on food and beverages, personal care, supplements, and pets. Investments the firm has made in the industry include:

Athletic Greens – Manufactures a comprehensive beverage supplement formula that helps consumers adapt as their daily needs change due to stress, sleep patterns, or an imperfect diet. The drink supplement comprises 75 highly absorbable nutrients, is vegan, paleo, and keto-friendly, and helps support immunity, energy, digestion, and recovery.

MUD\WTR – MUD\WTR is a supplemental beverage option marketed as a healthy alternative to coffee. It’s a coffee alternative made with organic ingredients that offer functional health and performance benefits. With one-seventh of the caffeine as a cup of coffee, MUD\WTR provides focus, energy, and immunity without the jitters, crashes, and dependency. Based in Venice, California, the company also manufactures a caffeine-free functional beverage to promote rest and relaxation.

Loft Growth Partners: Founded in 2001, Loft Growth Partners – formerly 2x Consumer Products Growth Partners – is a leading growth investor for emerging consumer products businesses. It invests in brands and categories where the team’s experience, knowledge, and relationships will help its brand partners grow. This includes the food, beverage, personal care, vitamins, supplements, home care, and pet care categories. Investments it has made in the industry include:

MegaFood – Fresh From Farm to Tablet, MegaFood is a pioneer in natural supplements known for its proprietary Slo-Food Process manufacturing and transparent supply chain.

ONCE Ventures: Otsuka Nutraceutical Emerging Ventures, or ONCE Ventures, seeks to deliver a healthier and more sustainable future by empowering visionaries and innovators. As the nutraceuticals venture capital arm of Otsuka Holdings, a global leader in pharmaceutical and nutraceutical products, it invests in entrepreneurs across North America who are at the forefront of innovation and share its passion for delivering better health outcomes. Investments it has made in the industry include: