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Thursday, June 1, 2017

Vitamin and supplements maker Jamieson Wellness Inc. of Toronto has filed a preliminary prospectus to go public, less than three years after private equity giant CCMP Capital Advisors bought the 95-year-old company for $300 million.

The offering also comes less than a year after reports that CCMP cancelled an auction of Jamieson, Canada’s number one purveyor of branded natural health products with an estimated 25 per cent market share in the categories in which it competes, according to a Globe and Mail article. Jamieson stated it has a market share of more than 40 per cent in Canada of sales of vitamins B, C, D and E, and a 31-per-cent share of the vitamin A market, according to the preliminary prospectus filed with regulators on Friday.

Jamieson sales have been growing at an average pace of 6.7 per cent over the past decade, reaching $248 million last year – up 8.7 per cent on the year – well ahead of the annualized four-per-cent growth rate for the US$25-billion North American vitamin, mineral and supplement industry, the news report says.

The company has made three acquisitions since the CCMP buyout, which put its pro-forma revenues at around the $300-million mark, and the company is aiming to increase revenues to more than $400-million by 2021 on the strength of new products and expansion into other markets, primarily China. 

Jamieson currently sells 60 products in China and hopes to increase that by another 50 by 2020. Jamieson’s sales in China increased by 283 per cent from 2014 to 2016. The company sells its products in 40 countries, although Canada is its main market.

Jamieson did not disclose in the initial offering the pricing or number of shares to be offered, saying those figures have yet to be determined.

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