The sale was announced via a YouTube video posted on the company’s channel.
“New Mountain brings new resources in every aspect, including promotion. Currently Jarrow does international sales. But with the new partnership, Jarrow will become a global brand,” said company founder Jarrow Rogovin.
Employees to receive bonuses
Rogovin said in the video that Jarrow has been a leader in quality standards, truth in labeling, legislative advocacy and other areas. In thanking his employees for their efforts in building that legacy, he said every employee would receive a bonus based on salary and time of employment.
New Mountain Capital’s website claims the company has more than $25 billion in investments under management. The company’s portfolio includes healthcare, software, business services, information and data, logistics, specialty chemicals, federal services, financial services, and environmental services companies.
Ojesh Bhalla has been named the new CEO of Jarrow Formulas. Bhalla has held executive positions at Clorox Co. and Nestlé and also sits on the board of directors of vitamin retailer Swanson Formulas. He holds an MBA from Lucknow University in India and a masters degree in mechanical engineering from Indian Institute of Technology in Mumbai.
Rogovin will stay on as chairman of the board. Financial details of the deal were not announced.
Company known for vocal advocacy
Rogovin began his company in 1977. Over the years the company has been known for its many innovative formulas, as well as for the founder’s vocal advocacy for the industry. In 2001, Rogovin founded the International Probiotics Association, which has grown to a membership of about 100 companies. In 2011, after FDA released its first draft of the Guidance on New Dietary Ingredients, Jarrow responded by sending a 128-item FOIA request to the Agency, and calling for the formation a new trade association called the Dietary Supplement Manufacturers and Marketers Association. The association did not materialize. However, in 2012, in response to scathing industry and political criticism, FDA did agree to revise the draft guidance.
More recently, Jarrow Formulas filed a lengthy comment to FDA on the second draft on the NDI guidance. Among other things the 32-page document weighed in on whether a switch in the fermentation medium used to culture a probiotic organism would necessitate the filing of an additional NDI Notification on that ingredient, as the guidance seemed to suggest.
In the video announcement of the sale, a company spokesman said Rogovin’s choice of his company’s name back in 1977 was suggested by his mother. And Rogovin said over the years he had come to view his company as a family.
“I want to thank you all. You have given my life meaning,” he said.