X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-When Vitamin Shoppe Industries Inc. started 25 years ago as a one-store operation selling nutritional supplements from a New York City corner location, few would have predicted its meteoric rise in fortunes. Even fewer would have foretold that the retailer’s 120 locations in 14 states would be acquired by a unit of Bear Stearns in a transaction that sources close to the deal tell GlobeSt.com is valued at around $300 million.

Bear Stearns Merchant Banking revealed today that it has acquired the North Bergen, NJ-based firm from J.P. Morgan Partners and FdG. Vitamin Shoppe’s current CEO Jeff Horowitz, and president and COO Tom Tolworthy will continue to run the company.

“Tom and I are delighted to be working with Bear Stearns Merchant Banking to build this business into the leading supplement retailer offering the broadest product selection at the most competitive prices,” states Horowitz. “We believe we have a lot to look forward to and that this transaction bodes well for the future of our brand.”

Bear Stearns Merchant Banking senior managing directors Doug Korn and Rick Perkal have joined the firm’s board of directors along with group vice president Paul Lehman.

“The prospect of acquiring Vitamin Shoppe, a solid business with industry leading sales per sf and a strong, proven management team, is extremely compelling,” says John Howard, head of Bear Stearns Merchant Banking. “We feel this acquisition represents a tremendous market opportunity, especially as the US population ages and becomes more health conscious.”

Senior debt for the transaction was provided by a lender group led by Bear, Stearns & Co. Inc. and BNP Paribas. Subordinated debt was provided by Blackstone Mezzanine Partners L.P.

The Vitamin Shoppe buy comes hot on the heals of Bear Stearns Merchant Banking’s agreement last week to acquire Limited Brands Inc.’s Lerner New York & Co. for a reported $78 million.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.