Los Angeles, CA—Jarrow Formulas has been bought by New Mountain Capital, effective September 1, 2020, according to a video of the signing ceremony released by the company on YouTube.
Jarrow Formula’s Clay DuBose opened the ceremony by providing background regarding the company, which was founded by Jarrow Rogovin in 1977, and joined by Ben Khowong—who became CEO—in 1988. “Together they built out a team and the company grew from a boutique, west-coast vitamin company to a nationally successful brand, known particularly for its focus on clinical data and emerging science.
“Today, we have some exciting news,” DuBose continued. “Jarrow Formulas has found a partner. New Mountain Capital, a highly regarded private equity firm, is investing in Jarrow Formulas, and has appointed two very impressive individuals to the leadership team.” DuBose said Ojesh Bhalla is now the CEO of Jarrow Formulas, and Wayne Grubbs will be the CFO. Rogovin will stay on as Chairman of the Board, while Khowong will retire.
Rogovin then addressed the company’s employees and spoke to the future, explaining that New Mountain Capital brings resources that will promote the growth of the company. “Currently, Jarrow does international sales,” Rogovin said. “But with the new partnership, Jarrow will become a global brand. This transaction ensures the continuation of the companies, your futures with the companies, and the continuation of a legacy you have helped create.”
Expanding on that legacy, Rogovin said, “Jarrow Formulas has been an industry pioneer—products, quality standards, truth in labeling, legislative and regulatory affairs, and—of great importance—consumer confidence…It is difficult for me to express everything I feel, but the time has come for Jarrow Formulas to start journeying into the next generations, and generations it will be. That is an amazing accomplishment in itself.”
Khowong added, “We have grown Jarrow to a certain point where—every company has a life cycle, and at a certain point you need to move onto a larger stage. And at this point, with New Mountain…they will be able to bring us to the next stage. So let’s look forward to the next stage of our success.”