NESTLE swallowed Jenny Craig in 2006 in New York, and now the Swiss food giant is adding the Australian wing of the weight loss company to its plate.
Arnold Bloch Leibler has acted for Jenny Craig Australia and New Zealand in the recent acquisition by Nestlé Australia Ltd.
Nestle paid $US600 million ($607 million) for the US part of the pie in 2006. The move was a bold one for Nestle, which was better known for Kit Kat bars than its role in the $US30 billion weight loss management industry.
From January this year, Jenny Craig Australia and New Zealand operates as part of Jenny Craig Inc, now a division of global Nestlé Nutrition.
Jenny Craig has experienced significant growth in the past five years, Arnold Bloch Leibler said in a statement.
The company now has more than 100 centres across Australia and New Zealand, becoming one of the leading weight management providers.
The matter was conducted by Arnold Bloch Leibler partner, Jonathan Wenig, and senior associate, Jeremy Leibler.
Wenig said: “We acted for a group of investors and managers when they bought the Australia and New Zealand Jenny Craig business five years ago. We provided ongoing support through the business turnaround. And we then were able to assist those investors to realise a very successful exit”.
Jenny Craig Australia and New Zealand, is known locally as the company that helped actress Magda Szubanski lose more than 25kg.
Patti Larchet, CEO of Jenny Craig, said the company was delighted to welcome the Australian business into the group.
“We are committed to addressing the obesity epidemic and helping our clients lead healthier lives. As we continue to evolve our program, the Australian market will benefit from our global program innovation and scientific research,” Larchet said.
The current Jenny Craig management team will continue to run the business and will report directly to Jenny Craig headquartered in Carlsbad, California, USA. There are no redundancies as a result of this agreement.