NEW YORK--(BUSINESS WIRE)--TruArc Partners, a private equity firm focused on the middle-market, announced today that it has invested in New Directions Aromatics (New Directions) in partnership with Founder and CEO, Alex Thomas. Based in Toronto, New Directions is a leading supplier of natural ingredients to the cosmetics, health and beauty and personal care markets.
“New Directions has been on a long journey of impressive growth,” said Alex Thomas, CEO and Founder of New Directions Aromatics. “The addition of the TruArc’s experience, capabilities, market knowledge and capital will further strengthen the high-quality ingredients and service we provide our customers and help us take our company to the next level of growth.”
The newly formed partnership will provide New Directions with significant resources and capital to take advantage of growing demand for natural and organic products. Together, TruArc and New Directions will drive growth by supporting the development of value-add capabilities, people, and technology, as well as pursuing add-on acquisitions.
“Alex and the New Directions management team have built an exceptional business over the last 20 years,” said Gerald Sheehan, Partner at TruArc Partners. “We believe New Directions is well-positioned to benefit from the burgeoning demand for natural and organic ingredients. We are very excited to make a significant strategic investment alongside the management team to further build upon New Directions’ exceptional market position.”
TruArc supports transformational growth by partnering with dedicated senior executives and strong management teams to invest in strategic initiatives, both organically and through acquisitions. Together, they draw on comprehensive research, extensive networks, and hands-on experience to create growth opportunities for portfolio companies. New Directions serves a pivotal role in their target market’s supply chain, creating a stable platform from which to expand through focused investment - an ideal fit with TruArc’s growth-oriented focus.
TruArc Operating Partners Don Sturdivant and John Schweig will join New Directions’ Board of Directors as Co-Chairmen.
“Enabled by deep product knowledge and an extensive supplier network, Alex and his team have built a great business with a stellar reputation,” Sturdivant said. “We are excited to partner with a well-regarded market participant and support growth initiatives.”
“New Directions has an exceptional culture and a strong track record of success,” added Schweig. “I look forward to working with and supporting the team to successfully execute our growth strategy.”
Terms of the transaction were not disclosed.
About New Directions Aromatics
New Directions Aromatics is a leading supplier of wholesale natural and organic raw materials to the cosmetics, health and beauty, and personal care industries. Founded in 1998, the Company is a leading supplier of essential oils, carrier oils, butters, botanical cosmetic bases, botanical liquid extracts and numerous other natural and organic raw material ingredients. New Directions is differentiated in the marketplace by its focus on customer service and its ability to offer a “one-stop shop” solution to customers including individual consumers, small and medium businesses, and Fortune 500 companies. The Company utilizes a fully integrated e-commerce business model for product distribution. To learn more about New Directions Aromatics visit https://www.newdirectionsaromatics.com/.
About TruArc Partners
TruArc Partners is a private equity firm focused on middle-market control investments. TruArc focuses on companies in attractive sub-sectors across Specialty Manufacturing and Business Services. The TruArc investment team collaborates with its operating partners and portfolio management teams to create value through a transformational growth strategy led by organic or acquisition-driven growth. To learn more about TruArc visit truarcpartners.com.
