Wall Street Journal said this:
The private-equity owners of Healthy Directions LLC, a mail-order business that sells dietary supplements and skin creams, are shopping the company they've owned for about a decade, according to people familiar with the matter.
The sales effort comes amid a number of deals in the vitamin and supplement business. Earlier this week, private-equity firm CCMP Capital Advisors LLC agreed to acquire Canadian vitamin producer Jamieson Laboratories Ltd. Avid Health Inc. and Santa Cruz Nutritionals Inc., both makers of gummy vitamins, have also changed hands over the last few years.
Healthy Directions, which is owned by American Securities LLC, sells supplements and skin-care products that are delivered to customers by mail. Healthy Directions has annual earnings before interest, taxes, depreciation and amortization—or Ebitda—of about $25 million, one of the people said.
Some recent deals have valued similar companies at 11-times Ebitda. By that measure, Healthy Directions could fetch around $275 million.
Investment bank Houlihan Lokey, which has had a role in many of the recent vitamin deals, has been enlisted to find a buyer for Healthy Directions, some of the people said.
American Securities, based in New York and founded to manage money for an heir to the Sears, Roebuck & Co. fortune, acquired a controlling stake in Healthy Directions in 2004. That deal that valued the business, then known as Phillips Health LLC, at about $200 million, according to S&P Capital IQ.
The seller was Phillips International Inc., a Potomac, Md., publisher of health and financial newsletters. Healthy Directions started as an alternative-medicine newsletter business in the mid-1980s. It later began selling supplements suggested by the doctors who wrote the newsletters, according to the company's website.
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