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Rather than getting nostalgic, Sid Craig said he was thrilled about the announced sale last week of Jenny Craig, Inc., the company he founded with his wife 23 years ago.
Swiss-based Nestle S.A. is paying $600 million for the weight loss business that boasts 641 centers and about 4,000 employees, including 250 at its Carlsbad headquarters.
ACI Capital, a New York based private investment firm, and Mid-Ocean Partners, a New York and London-based private investment firm, owners of Jenny Craig, said last week that the transaction is expected to close in the third quarter.
"I'm excited about Nestle taking over, and taking the company to places it's never been, like Europe," said Craig, who co-founded Jenny Craig with his wife in 1983. "Nestle is one of the biggest companies in the world. They have the ability to take the company to heights it's never been before."
Nestle said it will keep the Jenny Craig brand and retain the management team.
Craig said Nestle intends to expand Jenny Craig to Asia and Europe. Most Jenny Craig centers are in the United States, but it also has centers in Australia, Canada and New Zealand.
Business Launched In Australia
The Craigs launched the business in Australia in 1983, the same year...