Nestle to Sell Most of Its Jenny Craig BusinessFriday, November 8, 2013
Nestle SA said that it agreed to sell the North American business of Jenny Craig to a private equity group, which said it planned to combine it with the Curves International fitness chain.
Financial terms of the sale were not disclosed.
Connecticut-based North Castle Partners agreed to buy Carlsbad-based Jenny Craig, which offers weight-loss coaching and low-calorie meals to clients.
Also being sold is the Jenny Craig business in Australia and New Zealand. The sale is expected to close later this month. Nestle said that it will hang on to the Jenny Craig business in France.
Jenny Craig started its business in Australia in 1983, and came to the United States in 1985. It has grown to 600 outlets.
North Castle Partners bought Curves in 2012. The private equity group said it planned to combine Jenny Craig and Curves to create a one-of-a-kind wellness company offering both diet and fitness tools. Curves bills itself as the largest chain of fitness centers for women in the world.
North Castle Partners invests in companies centered on health, wellness and active living. Its many holdings include Atkins Nutritionals, Naked Juice Co., Performance Bicycles and Red Door Spas.
— SDBJ Staff Report