December 17, 2012
Interviewed by: David Snow
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Deal Story: South Beach Diet

Ted Virtue of MidOcean Partners speaks with Privcap about the partnership between Jenny Craig and the South Beach Diet.

Ted Virtue of MidOcean Partners speaks with Privcap about the partnership between Jenny Craig and the South Beach Diet.

Ted Virtue, MidOcean Partners: Another company we bought in in the health and wellness space recently was a company called South Beach Diets. It’s owned by a cardiologist in Florida and his wife. And they were not professional managers, with a great brand– one of the four or five iconic brands in diet and health and wellness. So we were able to partner with them, really, because of our intellectual capital around the space of health and wellness and diet, specifically, to bring in an operating manager.

The same operating partner that we had on the board of Jenny Craig came over to us with South Beach, and it’s been a very successful partnership. We’ve now brought a real commercial application to a great brand in a space that’s growing dramatically and rolling out a whole bunch of products around health and wellness, from diet bars to shakes, smoothies et cetera. So we’re in the early stages of this deal, but one we bought into at a very attractive price, we think, and a great brand and one we think has an enormous amount of opportunity for us to grow a major brand category.

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