Atkins markets nutrition bars and ready-to-drink shakes under its Atkins Advantage brand, as well as better-for-you confectionary products under its Atkins Endulge brand, as weight loss and lifestyle tools in the more than $30 billion U.S. weight-loss industry. The company's products are currently being sold through mass, supermarket and club channels in approximately 30,000 retail locations throughout the U.S.
"We are excited about the Atkins acquisition as our latest Nutrition platform investment, particularly given its focus on the pervasive weight management industry and the increasing consumer interest in health and weight issues. We believe that Atkins is a strong brand with tremendous opportunity for growth," said Chip Baird, North Castle's founder and managing partner.
North Castle Managing Director Lou Marinaccio added, "Atkins will benefit from substantial strategic and operational enhancements that we will bring by leveraging an extensive knowledge base and network from prior investments in similar Nutrition industry leaders, including Naked Juice and EAS. Consequently, we are pleased to be partnering once again with Monty Sharma, former CEO of EAS and Naked Juice, who will become the CEO of Atkins, effective immediately."
Mr. Sharma's successful leadership of Naked Juice, a former North Castle Company, culminated in the strategic sale of that company to PepsiCo in January 2007. Mr. Sharma and his team led the rapid growth of Naked Juice in 2005-2006 by expanding distribution, accelerating new product launches, and repositioning the Naked Juice brand. Mr. Sharma was also instrumental as the CEO of EAS, a North Castle portfolio company that was a leading developer and distributor of active lifestyle nutrition products, including meal replacement bars and RTDs, and a competitor of Atkins. North Castle sold EAS in 2004 to Abbott Laboratories. Mr. Sharma will be bringing to Atkins a number of experienced managers with backgrounds with Naked Juice and EAS who, in partnership with North Castle and its advisors, will contribute over 100 years of collective experience in the weight management and nutrition fields to the Company.
"I am excited to partner with North Castle in continuing to grow Atkins as a company that helps consumers get and stay healthy through excellent nutrition," said Mr. Sharma. "We are looking forward to enhancing the diet program and launching innovative new products, while expanding distribution, to accelerate brand growth at Atkins."