FRIDAY, JULY 16, 2010
KLMNO Carlyle to buy NBTY for $3.8 billion, extending streak of deals by Thomas Heath
The Carlyle Group continued its string of big deals Thursday with its announced plans to buy New York-based vitamin maker NBTY for $3.8 billion, signaling an easing in bank financing for big buyout deals. NBTY makes nutritional sup- plements and vitamins under brands such as Nature’s Bounty and Vitamin World. Its products
are sold in retail outlets world- wide, including Wal-Mart. NBTY’s board has approved the deal, although the company has a month to consider propos- als from other bidders. Carlyle, a private-equity firm, said it will pay $55 for each NBTY share, a 47 percent premium over the stock’s closing price on Wednesday. NBTY’s shares closed at $53.74 Thursday. Industry observers said the deal shows that markets are loos-
ening up and that banks are more willing to take risk.
“Deals of this size and larger were practically a daily occur- rence in 2007, but you haven’t seen many in 2010,” said Perry W. Steiner, a founder of Arlington Capital Partners, a private-equity firm based in Chevy Chase. “It’s too early to say whether this marks the return of the multibil- lion-dollar deal, but it’s certainly a healthy sign.” The NBTY purchase is the fifth
major transaction announced by D.C.-based Carlyle in the past month. Last Friday, Carlyle and a partner firm announced they were selling their interests in MultiPlan, a health-care manage- ment company, to two other pri- vate-equity firms in a deal that values the business at $3.1 billion. Last Thursday, Carlyle invested
$175 million in a Thailand-based livestock feed producer. Carlyle announced on June 29 a plan to invest $190 million in an Asian
S
Economy & Business A15
fisheries company. And on June 21, the company announced it was going to take public the Booz Allen Hamilton government con- sulting firm.
Carlyle has more than $90.5 billion under management, spread across 67 funds. Its big- gest holdings include Hertz, Dun- kin’ Donuts and the nursing home giant HCR ManorCare. Formerly known as Nature’s
Bounty, NBTY was founded in 1971 and manufactures vitamins and nutritional supplements un- der many third-party brands in the United States and overseas,
including Puritan’s Pride, Vita- min World, Met-Rx and GNC’s British operations. Analysts said NBTY has a lot of room to expand. “It’s a growing industry and Carlyle is getting the stock at a pretty good value, so there’s tre- mendous upside,” said Larry Solow of CJS Securities. Solow said NBTY executives
have a record of long-term man- aging, worrying less about Wall Street’s earnings demands. He said that approach is better suit- ed for a private company.
heatht@washpost.com
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