New York-based private equity firm GenNx360 Capital Partners has invested in Novel Ingredient Services, a specialty nutraceutical ingredient services supplier, in partnership with management.
Headquartered in West Caldwell, New Jersey, Novel was founded in 1995 and serves more than 400 customers in multiple product segments including sports nutrition, herbs and botanicals, meal replacement, and specialty supplements.
The transaction represents the second investment for GenNx360 Capital Partners' Fund II. Terms of the transaction were not disclosed.
Novel has experienced significant growth and has identified the opportunity to expand its services and capabilities to both its existing markets and complementary sectors such as cosmetics and food and beverage.
"This partnership with GenNx360 reflects our strategic vision. GenNx360's significant experience growing companies will be a valuable asset to our management and help us immensely in our continued growth efforts," says Novel's chairman, Bob Green.
"Bob Green and his team have built a very impressive organization. We are delighted to have the opportunity to partner with Novel as the company embarks on the next phase of its strategy to grow its leadership position in the nutraceutical field while increasing its footprint in adjacent markets," says Monty Yort, the GenNx360 managing partner who led the transaction.
