Nutritional product maker EAS up for sale -NY Post
Tue Sep 7, 2004 04:14 AM ET
NEW YORK, Sept 7 (Reuters) - EAS Inc., the maker of Myoplex and AdvantEdge nutrition bars and drinks, may be sold for up to $400 million, the New York Post said, citing unnamed sources familiar with the situation.
The private equity firm that owns EAS, North Castle Partners, is actively shopping the company, with another round of bids expected this week, and hired UBS to handle the sale, the newspaper said, citing unnamed sources.
North Castle, which describes itself on its Web site as "focused exclusively on consumer businesses dedicated to Healthy Living & Aging," wants to complete the sale by year-end, the newspaper said.
EAS did not immediately return a call and e-mail seeking comment. North Castle could not be reached by phone; it did not immediately return an e-mail seeking comment. UBS did not immediately return a call.
EAS is based in Golden, Colorado. North Castle has offices in Greenwich, Connecticut and San Francisco.
Possible bidders include Hershey Foods Corp. (HSY.N: Quote, Profile, Research) , Kellogg Co. (K.N: Quote, Profile, Research) , Kraft Foods Inc. (KFT.N: Quote, Profile, Research) , Mars Inc., Nestle SA (NESN.VX: Quote, Profile, Research) , Pepsico Inc. (PEP.N: Quote, Profile, Research) and Wm. Wrigley Jr. Co. (WWY.N: Quote, Profile, Research) , as well as buyout firms AEA Investors, Blackstone Group, Harvest Partners and Ripplewood Holdings, the newspaper said, citing no sources.
Formerly known as Experimental & Applied Sciences, EAS is expected this year to generate $340 million of sales and $38 million to $40 million of EBITDA -- earnings before interest, tax, depreciation and amortization, the newspaper said.
The newspaper said North Castle late last year asked UBS to shop EAS, but tabled the auction process amid uncertainty over the U.S. Food and Drug Administration's stance on the weight-loss supplement ephedra, which makes up a small part of EAS's business.
Regulators banned ephedra in April after concluding its use posed risks of heart attacks, strokes and death.
Tue Sep 7, 2004 04:14 AM ET
NEW YORK, Sept 7 (Reuters) - EAS Inc., the maker of Myoplex and AdvantEdge nutrition bars and drinks, may be sold for up to $400 million, the New York Post said, citing unnamed sources familiar with the situation.
The private equity firm that owns EAS, North Castle Partners, is actively shopping the company, with another round of bids expected this week, and hired UBS to handle the sale, the newspaper said, citing unnamed sources.
North Castle, which describes itself on its Web site as "focused exclusively on consumer businesses dedicated to Healthy Living & Aging," wants to complete the sale by year-end, the newspaper said.
EAS did not immediately return a call and e-mail seeking comment. North Castle could not be reached by phone; it did not immediately return an e-mail seeking comment. UBS did not immediately return a call.
EAS is based in Golden, Colorado. North Castle has offices in Greenwich, Connecticut and San Francisco.
Possible bidders include Hershey Foods Corp. (HSY.N: Quote, Profile, Research) , Kellogg Co. (K.N: Quote, Profile, Research) , Kraft Foods Inc. (KFT.N: Quote, Profile, Research) , Mars Inc., Nestle SA (NESN.VX: Quote, Profile, Research) , Pepsico Inc. (PEP.N: Quote, Profile, Research) and Wm. Wrigley Jr. Co. (WWY.N: Quote, Profile, Research) , as well as buyout firms AEA Investors, Blackstone Group, Harvest Partners and Ripplewood Holdings, the newspaper said, citing no sources.
Formerly known as Experimental & Applied Sciences, EAS is expected this year to generate $340 million of sales and $38 million to $40 million of EBITDA -- earnings before interest, tax, depreciation and amortization, the newspaper said.
The newspaper said North Castle late last year asked UBS to shop EAS, but tabled the auction process amid uncertainty over the U.S. Food and Drug Administration's stance on the weight-loss supplement ephedra, which makes up a small part of EAS's business.
Regulators banned ephedra in April after concluding its use posed risks of heart attacks, strokes and death.