New Heritage Capital (Heritage), a Boston-based private equity firm, has made a new platform investment in Icelandirect, an importer, manufacturer and packager of marine oils and other nutraceutical products.
Icelandirect has proven to be an invaluable partner for its customers, with extensive in-house formulation & packaging capabilities, a reputation for sourcing high-quality, hard-to-find ingredients from its global supplier base, and ability to meet fast turnaround times. Brown Gibbons Lang & Company (BGL) acted as financial advisor to the Company in the sale transaction.
Heritage completed the investment through its unique Private IPO solution, which leaves operating control in the hands of the Icelandirect’s reinvesting co-founders, while providing them with the desired liquidity and financial flexibility to accelerate future growth. Since its inception in 2010, the Company has expanded its offering of hard-to-find marine oils and other nutraceutical products while growing its customer base by delivering world-class service.
“When we began the search for a partner, we were hoping to find someone who could help take our business to the next level, but not at the expense of our culture and commitment to customer success,” says Mark Stenberg, co-founder and retiring CEO of Icelandirect. “I am excited to support this next phase of Icelandirect’s growth as a member of the Company’s Board of Directors.”
“We are thrilled to be partnering with Heritage, who is supportive of our vision for the future,” adds Brandon Miller, co-founder and newly appointed CEO of the Company. “We look forward to working with the Heritage team to execute on our exciting growth objectives.”
Melissa Barry, Partner at Heritage, adds: “We could not be more excited to partner with Brandon and the entire team at Icelandirect to help drive continued growth in the business. We’re impressed with Icelandirect’s position as an invaluable partner to its customers, and look forward to supporting the Company as it continues to diversify its ingredient offering and expand its in-house capabilities.”
