Los Angeles-based Kingswood Capital Management, LP and Performance Investment Partners, LLC (PIP), also based in Los Angeles, have announced they have completed the acquisition of The Vitamin Shoppe, a leading pure-play omnichannel retailer of vitamins and nutritional supplements, from Franchise Group, Inc. As part of the transaction, Sharon Leite, who previously served as chief executive officer of The Vitamin Shoppe from 2018 to 2023, has returned to lead the company as its CEO. The rest of the executive leadership team remains in place.
“After an incredibly rewarding and successful four and a half years in the business, I am thrilled to return to The Vitamin Shoppe,” said Leite. “With the invaluable support of our partners at Kingswood and PIP – leaders in building brands and driving growth in omnichannel retail – we are primed for an exciting new era of expansion. I look forward to collaborating with the board, management team, vendor partners and our dedicated Health Enthusiasts as we build a world-class health and wellness platform that delivers an unparalleled experience to our customers.”
The Vitamin Shoppe is a global, omnichannel retail and wellness lifestyle company with the mission of providing customers with the most trusted products, guidance and services to support them on their journeys of lifelong wellness. The company offers a comprehensive assortment of nutritional solutions, including vitamins, minerals, sports nutrition, specialty supplements, herbs, homeopathic remedies and green living products.
In addition to carrying products from approximately 700 national brand partners, The Vitamin Shoppe offers products from its owned brands, including: The Vitamin Shoppe, Vthrive The Vitamin Shoppe, BodyTech, BodyTech Elite, plnt, ProBioCare, and True Athlete. The company conducts business through over 635 company-operated retail stores under The Vitamin Shoppe and Super Supplements banners and via its website.
Upon closing, Alex Smith and Beth Kaplan joined Leite and representatives from Kingswood and PIP on the company’s board. Smith is a Kingswood operating partner and the current executive chairman of Kingswood portfolio company, World Market. Previously, he served as executive chairman and then chairman of The Vitamin Shoppe, served as CEO of Pier 1 Imports, and held numerous senior management positions at The TJX Companies. Kaplan is an experienced operator, advisor and investor in the consumer sector. Most recently, she was the president and chief operating officer of Rent The Runway. Previously, she served as president, chief merchandising and marketing officer, and director of General Nutrition Centers (GNC). Before joining GNC, she held numerous leadership positions within Bath & Body Works, Rite Aid Drugstores and Procter & Gamble.
Kingswood partner Michael Niegsch and PIP partner Mark Genender commented, “We are thrilled to be able to partner with Sharon, Alex, Beth and the entire team at The Vitamin Shoppe. We look forward to investing in a variety of brand-building strategies, including further supporting the Health Enthusiasts in running great stores, enhancing the company’s digital marketing and e-commerce capabilities, innovating the private brand portfolio, and working with existing and emerging third-party brands to be the best distribution partner in the market.”
Jefferies LLC served as exclusive financial advisor to Kingswood and PIP, and McDermott Will & Emery LLP and Sidley Austin LLP served as legal counsel. Ducera Partners LLC served as financial advisor, and Kirkland & Ellis LLP served as legal counsel to FRG.
Information was sourced from Businesswire. To learn more, contact media@kingswood-capital.com.
