Paine Schwartz Partners, a US-based private-equity investor focused on sustainable foods, has acquired nutrition and supplements company Promix.
Financial terms of the transaction, which was executed through the Paine Schwartz Food Chain Fund VI, were not disclosed.
Promix, set up in 2014 and headquartered in Gainesville, Florida, produces and markets nutritional products with “clean ingredients”, such as protein bars and powders.
It owns and develops all its formulas in-house, while also maintaining full control over its supply chain.
Paine Schwartz noted that the company’s products are “free of fillers, gums, hormones, glyphosate, GMO, gluten, soy, antibiotics, and hormones”.
Promix’s “highest growth” products include its Debloat prebiotic and probiotic supplements, along with protein powders, bars and electrolytes.
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For sales, Promix relies on direct-to-consumer channels, Amazon and small wholesalers.
Albert Matheny, Promix’s founder and CEO, along with co-founder and chief brand officer Devon Levesque and COO Ryan Lockwood, will continue to lead the company.
Bob DeBorde, former CEO of Suja Life, will join as executive chairman.
Matheny said: “As a leading investor in high-quality brands, Paine Schwartz brings significant expertise and resources – particularly in the consumer and wellness space – that will help us grow our business, including launching new innovative products, improving our operational capabilities, and expanding into new markets and channels.”
Paine Schwartz CEO Kevin Schwartz said: “This strategic acquisition of Promix is directly aligned with our long-term thesis of identifying companies that provide access to healthier, more nutritious and safer food.”
Paine Schwartz said it will support Promix in growth initiatives, focusing on marketing, brand awareness, product innovation and channel expansion.
Paine Schwartz’s Fund VI, with $1.7bn in commitments, targets sustainable investments in the food and agribusiness sectors.
Its other investments include AgroFresh Solutions, Costa Group and Monterey Mushrooms.
