Toronto: TorQuest Partners announced today that it has acquired Herbal Magic, ULC ("Herbal Magic"), Canada's largest operator of commercial weight loss centers from Trivest Partners, L.P. a U.S. based private equity firm.
The acquisition was completed by TorQuest Partners in partnership with the existing management team and several of TorQuest's limited partners. Herbal Magic is Canada's largest franchisor of commercial weight loss centers with over 330 centers across North America, which provides an exclusive line of herbal supplements and weight management services.
Herbal Magic weight loss programs combine one-on-one counseling, grocery store bought foods and supplement support. Each program is individualized to meet a specific client's needs and the client is given the information and tools necessary to help them lose the weight and keep it off.
Thomas McNeely, CEO of Herbal Magic and his management team have partnered with TorQuest on this purchase and will continue to manage the company in their current roles. With years of experience as the former Executive Vice President and CFO of Tim Horton's, Mr. McNeely brings a strong financial and operational background to the business.
"With our new partnership, management co-owns the business and will continue in their current roles. There will be no change in the strong relationships we have with our franchisees," said Tom McNeely. "We are excited about having Canadian ownership with our new partnership with TorQuest, a firm with an outstanding reputation."
This acquisition is consistent with TorQuest's investment strategy of partnering with extraordinary management teams in established Canadian businesses with significant growth potential. "We are enthusiastic about the prospects of Herbal Magic and working with Tom and his team to grow the business from where it is today," said Daniel Sonshine, of TorQuest.
Founded in 2002, TorQuest Partners, Inc. is a Canadian-based manager of private equity funds. With more than C$700 million of equity capital under management TorQuest seeks to pursue investments in middle market and later stage companies with the goal of building value through opportune acquisitions, strategic leadership and the timely use of financial expertise.
Herbal Magic, headquartered in London, Ontario, is Canada's leading franchisor of commercial weight loss centers with over 330 centers across North America providing an exclusive line of herbal supplements and weight management services.