The deal, announced on March 30, 2012, sees Schiff acquire 100% of Airborne’s stock from GF Capital Private Equity Fund, LP for $150 million. Airborne, Inc. generated net revenue of approximately $70 million for the twelve months ended February 29, 2012.
The all-cash transaction was financed through a combination of a new debt facility and cash on its balance sheet, said Schiff.
“We are excited about the Airborne acquisition, which fits well with our strategy and establishes Schiff as a leader in the immune support segment,” said Tarang Amin, president and chief executive officer of Schiff Nutrition.
“Airborne is a strong brand and will make an excellent addition to Schiff’s portfolio, and we plan to leverage our science, innovation, marketing and sales capabilities to further its growth.”
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Immune health portfolio
“Schiff intends to couple Airborne’s leading brand and product portfolio with our strong capabilities in science and innovation,” added Amin.
“For example, there has been promising scientific research into the potential relationship between BC30, the proprietary probiotics technology we acquired rights to last year, and supporting the immune system.
“We are currently conducting a study with Dr. Glenn R. Gibson at The University of Reading in the UK on the effects of BC30 on the immune function of healthy elderly persons. This is but one of the many potential opportunities to bring science and innovation to Airborne.”
Airborne Inc. develops and sells dietary supplements throughout North America and online. Its Airborne health formula is designed to support customers’ immune systems through its unique combination of vitamins, nutrients and proprietary blend of herbal extracts. The products are available as effervescent tablets, chewable tablets and on-the-go packets.
The transaction is expected to become accretive during the first half of fiscal year 2014.