Paine Schwartz Partners, a US-based private equity firm specialising in sustainable food chain investments, has acquired the natural supplements brand Promix.
Paine Schwartz acquired Promix through its Paine Schwartz Food Chain Fund VI.
Established in 2014, Promix manufactures and markets protein mixes, nutritional supplements, vitamins, meal replacements, and low-sugar, high-protein bars.
The company’s formulas are developed in-house and its products are free of fillers, gums, hormones, glyphosate, GMO, gluten, soy, antibiotics, and hormones.
Its lead products include Debloat prebiotic and probiotic supplements, protein powders and bars, electrolytes, collagen, and creatine products.
Currently, Promix is selling its products through direct-to-consumer (DTC) channels, Amazon, and small wholesalers.
Promix CEO and founder Albert Matheny said: “We are thrilled about this acquisition by Paine Schwartz, which marks the next phase in our effort to become the leading provider of clean, science-backed, and functional supplements.
“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.
“We look forward to working closely with them to build on our strong foundation and capture exciting new growth opportunities.”
Paine Schwartz said the strategic acquisition is in line with its Health and Wellness core investment theme by providing access to highly nutritious options for consumers.
As part of the acquisition, Promix founder and CEO Albert Matheny, co-founder and chief brand officer Devon Levesque, and chief operating officer Ryan Lockwood will continue in their leadership roles, with support from the Paine Schwartz team.
Paine Schwartz’s portfolio company Suja Life former CEO Bob DeBorde will join Promix as executive chairman.
Paine Schwartz said it will work closely with Promix to advance growth by increasing marketing and brand awareness, gross margin optimisation, and channel expansion.
Giannuzzi Lewendon served as an advisor to Promix and Morrison Foerster as legal advisor to Paine Schwartz Partners, on the transaction.
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.
“We appreciate Promix’s strong brand loyalty and its track record of growth acceleration, which we believe can lead to growth within existing categories and into adjacent consumers and product lines.
“We look forward to working closely with the Promix team to continue innovating new products that tackle a variety of health and wellness needs and capturing market share in the rapidly growing supplements and functional nutrition space.”
