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Trivest Partners acquires Herbal
Magic Systems International Inc., the leading franchisor of
weight loss centers in Canada
Media Link: GlobeInvestor.com
Miami, Florida (December 19, 2003) Trivest Partners, L.P.
("Trivest Partners") through its affiliated
partnerships, today announced that it has acquired the assets
and operations of Herbal Magic Systems International Inc. and
its affiliates ("Herbal Magic" or the
"Company"). Herbal Magic, headquartered in London,
Ontario, is Canada's leading franchisor of personal health
counseling centers, primarily for weight loss.
Herbal Magic has 228 systemwide centers, of which 220
operate under Herbal MagicŪ in Canada and 8 operate under
Nutri MagicŪ in the United States. The Company opened its
first personal health counseling center in London, Ontario in
1996, which remains one of the only nine corporate owned
centers in the system. Since then, the Company has pursued a
disciplined franchising strategy and has opened an average of
over 40 franchised centers in each of the past three years,
experiencing over 10% same center sales growth in each of the
past three years as well. With another 40 new franchised
centers in development, the Company has grown to systemwide
center revenue of over CAD $60 million.
Peter "Chip" Vandenberg, Jr., a Trivest Partners
Managing Director, said "Despite years of medical
research and billions of dollars expended, there is still no
universal solution for weight loss. Consequently, behavior
modification such as the Herbal Magic program has proven to be
an effective way to lose weight and keep off the pounds."
The Herbal Magic program is centered on private, one-on-one
sessions between a client and an Herbal Magic counselor
approximately three times per week in a center. The Herbal
Magic program is supported by proper nutrition, adequate
exercise and herbal supplements. Additional information on
Herbal Magic and Nutri Magic is available on the Company's
websites: www.herbalmagic.ca or
www.nutrimagic.com.
In addition to operating in a sizeable industry with
attractive demographics, "Chip" went on to say that
"Herbal Magic's characteristics are consistent with
Trivest's track record of acquiring market leaders that are
rapidly growing and generating strong cash flow. The Company
has a unique weight loss program, a readily identifiable brand
and a proven franchising strategy. Furthermore, Herbal Magic
has a diversified geographic base of growing, profitable,
satisfied and stable center owners from which to further
penetrate Canada as well as accelerate its expansion into the
United States. We look forward to building on the Company's
track record of success."
Trivest Partners was introduced to Herbal Magic by Spara
Capital Partners, Inc. ("Spara Capital"), an
Oakville, Ontario based entrepreneurial solutions company.
Jason Sparaga, President of Spara Capital, said "We
thought Trivest Partners could expand the breadth and scope of
the Company's current operations given the strength of their
investments in other highly branded companies like Aero
Products, Brown Jordan and Directed Electronics."
Trivest Partners is a Miami, Florida based private
investment firm and leading provider of equity for middle
market corporate acquisitions, recapitalizations and growth
capital financings. Since its founding in 1981, Trivest
Partners has sponsored more than 115 acquisitions and
recapitalizations, totaling in excess of $2.4 billion in
value. For additional information, please visit www.trivest.com.
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