DALLAS, Aug. 30, 2021 /PRNewswire/ -- Highlander
Partners ("Highlander") today announced that it has entered into a
definitive agreement under which Catalent, Inc. (NYSE: CTLT) will
acquire Highlander's portfolio company, Bettera Holdings, LLC, the
parent company of Bettera Brands ("Bettera"), for $1 billion. Bettera is a major manufacturer
in the high-growth gummy, soft chew, and lozenge segments of the
nutritional supplements market. Bettera, headquartered in
Plano, Texas, maintains four
manufacturing operations in California, Virginia, New
Jersey and Indiana.
Highlander formed Bettera through a series of four acquisitions
beginning in 2017 and shaped it into a leading manufacturer of
consumer-preferred, high quality ingredient nutritional vitamins,
minerals and supplements.
"In 2017, we started with a simple investment thesis of creating
manufacturing capabilities around fortified/functional products in
consumer-preferred formats," stated Jeff L.
Hull, President and CEO of Highlander Partners. "As
consumers have become increasingly health-conscious, functional
products in gummy, soft chew, and lozenge delivery forms have
developed and grown to become a significant part of the market.
Given the substantial advances in delivery technologies, along with
the increased health awareness, consumers are embracing these
experiential formats as part of their everyday wellness
routine."
Jeff Partridge, a Partner with
Highlander who also served as Bettera's CEO, added, "we identified
a need early on and quickly assembled assets and a management team
to capitalize on the demand and growth. Developing certified
facilities, maintaining strict compliance standards, and creating
highly technical research and development capabilities was not an
easy task. It is very gratifying to see the business that
Bettera has evolved into, and we believe Catalent is the right
company to take this business to the next level."
"As the leading global innovator of softgel and oral
technologies, Catalent has a strong, long-standing presence in the
rapidly expanding consumer health and nutraceutical marketplace.
This acquisition allows us to significantly accelerate the growth
of our consumer health business and offer customers access to the
substantial potential in gummies, soft chews, and lozenges, which
are all experiencing double-digit growth," commented Dr.
Aris Gennadios, President, Softgel
and Oral Technologies, Catalent. "This acquisition is a key
strategic move for Catalent's Consumer Health business, where our
leadership in manufacturing technologies and formulation can offer
customers more product development opportunities and add
manufacturing capacity in this dynamic and growing segment."
The transaction is expected to close by the end of 2021 and is
subject to customary closing conditions. Katten is serving as legal
counsel to Highlander. Fried Frank is acting as legal counsel to
Catalent.
About Bettera
Bettera Brands is a leading manufacturer
of gummy vitamin, soft chews and lozenges primarily focusing on
using confections as delivery systems for vitamins, minerals,
supplements, and other functional ingredients. The Company has
fully integrated manufacturing capabilities and state-of-the-art
production facilities located in Indiana, Virginia, New
Jersey and California that
are SQF Level 3 and CFR 111 certified. For more information,
please visit our website at www.bettera.com.
About Highlander Partners
Highlander Partners is a
Dallas-based private investment
firm which manages over $2 billion of
its own proprietary capital. The firm focuses on making
investments in businesses in targeted industries in which the
principals of the firm have significant operating and investing
experience. Highlander Partners uses a "buy and build"
investment approach, creating value by helping companies grow
organically and through acquisitions. For more information, visit
www.highlander-partners.com.
About Catalent
Catalent is the leading global provider
of advanced delivery technologies, development, and manufacturing
solutions for drugs, biologics, cell and gene therapies, and
consumer health products. With over 85 years serving the industry,
Catalent has proven expertise in bringing more customer products to
market faster, enhancing product performance and ensuring reliable
global clinical and commercial product supply. Catalent employs
approximately 15,000 people, including over 2,400 scientists and
technicians, at more than 45 facilities, and in fiscal year 2020
generated over $3 billion in annual
revenue. Catalent is headquartered in Somerset, New Jersey. For more information,
visit www.catalent.com.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/highlander-partners-announces-the-signing-of-a-definitive-agreement-to-sell-bettera-brands-to-catalent-301364734.html
SOURCE Highlander Partners, L.P.