Heartwood Partners announced that its portfolio company Somafina has acquired UST Corporation, a contract manufacturer of vitamins, minerals, and supplements based in Layton, Utah. UST provides an end-to-end solution for its customers, ranging from formulation and product development to production and packaging.
With an ISO-certified in-house testing lab, UST is dedicated to the science-based production of the latest supplement types and formats.
Heartwood Partners acknowledged the investment banking team at Alantra for their efforts in closing this transaction and making this partnership possible.
Heartwood Partners is a middle-market private equity firm founded in 1982, it is differentiated by a unique lower-leverage, current cash yield approach designed to create partnerships with continuing management. The approach combines a conservative capital structure with strategic execution to support long-term growth, including organic and acquisition-driven expansion into new products, services, and end markets. Heartwood Partners currently manage over $1.7 billion in investments and commitments, and our principals have invested in more than 100 platform and add-on acquisitions. Heartwood is currently investing from Heartwood Partners IV, LP, and is focused on founder, family and management-held businesses serving the food, agriculture, specialty chemicals, niche manufacturing, packaging, and industrial & consumer services markets.
Somafina is a dynamic player in nutraceutical manufacturing, committed to empowering creators of innovative supplements to build, scale, and grow their businesses. The company’s expert formulators, flavor chemists, and factory engineers ensure the optimum efficacy and appeal of clients’ products. Delivery formats include capsules, liquids, powders, tablets, and the latest in gummy technology—all produced in fully credentialed, state-of-the-art facilities. Somafina is dedicated to collaborative relationships in an industry that was created to enhance people’s health and well-being.
KEY QUOTES:
“We are deeply excited to partner with UST. Situated in a key hub of nutraceutical supplement manufacturing in greater Salt Lake City and with significant production capacity, UST is on an exciting growth path. Our combined production capabilities, spanning across capsule, gummy, powder, and liquid format manufacturing, means Somafina is well situated to service the broad product set requirements of our supplement brand customers moving forward.”
“The acquisition and integration of UST enables Somafina to offer the highest quality in nutritional supplements, attractive lead times, and MoQ flexibility. Additionally, UST’s 20+ year history of commitment to quality and ISO-certified laboratory testing provides our customers with vital quality, technical, and formulation expertise. Their two-decade track-record of growth and innovation in the nutraceutical category is unmatched.”
– John Niemi, CEO of Somafina
“We are thrilled with this strategic add-on acquisition and Somafina’s potential moving forward. Somafina continues to expand its capabilities across manufacturing, ingredient formulation, and quality with the focused goal of supporting its customers.”
– James Sidwa, Partner, Heartwood Partners
