RoundTable Healthcare Partner revealed that it had concluded the acquisition of Santa Cruz Nutritionals or SCN from Levine Leichtman Capital Partners. RoundTable Healthcare Partner is a private equity group specializing exclusively in the healthcare sector. SCN is a major player in the vitamin, mineral, supplement and many other nutraceutical product manufacturing in the United States. Financial details of the buyout, however, were not revealed.
Under the agreement, RoundTable co-chairman and founding partner Lester Knight will fulfill the role of chairman in the board of SCN. Mike Westhusing, current SCN Chief Executive Officer, and Randy Bridges, who acts as both Chief Operating Officer and Chief Financial Officer, will maintain their position in the firm's management team. Both men will also serve as members of the board.
"We are very excited to partner with Santa Cruz. The gummy dosage formulation is extremely unique, in high demand and has significant room for growth. Mike and Randy have capitalized on this opportunity by building SCN into a market-leading, high quality manufacturer of these products. We look forward to working with them and their team to expand upon their current product offering to take advantage of positive market growth trends," Mr. Knight explained.
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