It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
Nestle to buy Jenny Craig diet company for US$600 million
VEVEY, Switzerland (AP) - Nestle AG (VTX:NESN), the world's biggest food and drink company, said Monday it is buying weight management and diet company Jenny Craig for $600 million US.
The current management team of Jenny Craig Inc., which is based in Carlsbad, Calif., will continue to run the business and report directly to Nestle, the Swiss company said in a statement.
Nestle is buying Jenny Craig - which employs more than 3,000 people - from two private equity groups, ACI Capital and MidOcean Partners. The transaction is expected to close in the third quarter, the private equity firms said in a statement.
Weight management will become a new business within Nestle's nutrition unit and will reinforce its U.S. presence. The Swiss company already owns the Lean Cuisine line of foods.
"With this strategic acquisition, the group takes another important step in its transformation process into a nutrition, health and wellness company," said Nestle chairman and CEO Peter Brabeck-Letmathe.
Nestle to buy Jenny Craig