News Briefs
Published: Friday, October 01, 1999
Los Angeles-based healthy snacks manufacturer Vitafort Intl. (VFRT) says it has agreed to exchange all of the shares of its subsidiary, Hollywood Partners, for 5 million shares of Guideline Capital, which has changed its name to Hollywood Partners.com. In addition Hollywood Partners.com has secured a $2 million commitment for financing from Swiss investment company Terra Healthy Living, VFRT’s largest shareholder.
Good Housekeeping Announces Dietary Supplements Ad Standards
In a letter to readers in its September issue, Good Housekeeping magazine announced that it now requires manufacturers of dietary supplements to substantiate health-benefit claims with placebo-controlled, double-blind studies published in peer review journals. The magazine says it also asks supplements advertisers to provide proof that their products contain the same ingredients, in the same amounts, as listed on the labels.
OFPI Shareholders Approve Spectrum Naturals Merger, Name Change
Organic Food Products Inc. (OFPI) said its shareholders at a special meeting held Sept. 8 approved a merger with Spectrum Naturals Inc. Shareholders also approved OFPI’s merger with Organic Ingredients and a change of OFPI’s name to Spectrum Organic Products Inc.
Penton Media Refinances With $340 Million Credit Facility
Penton Media Inc. (PME), which owns New Hope Natural Media, said it completed a refinancing of its existing credit facility. The new $340 million senior secured credit facility was arranged and syndicated by BNY Capital Markets Inc. The Bank of New York served as agent. The deal includes financing from Bank of America, Banc One and other major lenders. The new facility replaces a previous facility of $325 million and includes a $125 million revolver. Proceeds will be used to refinance existing bank debt and fund future acquisitions.
NYSSA to Host Natural Industry Conference
The New York Society of Securities Analysts (NYSSA) will hold a one-day conference on the natural foods industry Nov. 15 at the society’s headquarters in New York City. The conference targets NYSSA members but is open to the public. The purpose of the conference is to provide a platform for members of the natural products industry to discuss the investment merits of their companies, a NYSSA spokesperson says. For more information check the society’s website at www.nyssa.org.
Healthshop.com Completes $25 Million Second Round of Financing
San Francisco-based online natural-health store Healthshop.com says it closed on Sept. 22 a $25 million second round of funding co-led by Warner Lambert (WLA), VantagePoint Venture Partners and Delphi Ventures.
Sauer Buys The Spice Hunter in National Expansion
The C.F. Sauer Co. of Richmond, VA, acquired The Spice Hunter of San Luis Obispo, CA, to enter the national gourmet spice and natural foods category. Sauer produces spices, extracts, mayonnaise, vegetable oils, margarine, mustard, food packaging and sauces.