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Nature's Bounty, Solgar supplement maker files for IPO on NYSE

The Bountiful Company, a maker of vitamin, mineral

The Bountiful Company, a maker of vitamin, mineral and herbal supplements, has filed for an initial public stock offering. Here, bottles of zinc caplets on an assembly line in Bohemia. Credit: Barry Sloan

The Bountiful Company, a $2 billion maker of vitamin, herbal and mineral supplements formerly known as NBTY Inc. and Nature's Bounty Inc., has filed for an initial public offering.

The Ronkonkoma company, whose brands include Nature's Bounty, Solgar and Puritan's Pride, made the filing with the Securities and Exchange Commission on Monday.

The 50-year-old company plans to list its stock on the New York Stock Exchange under the ticker "BTFL."

The size of the stock offering and expected proceeds were not included in the initial filing.

A Bloomberg story, quoting unnamed sources, said a corporate valuation of more than $6 billion was discussed with potential IPO underwriters.

The Bountiful Company name is the latest in a string of corporate names taken by the maker of products sometimes referred to as nutriceuticals.

The company was founded in 1971 as Nature's Bounty Inc., and changed its name to NBTY Inc. in 1995, reflecting its stock ticker.

The company reversed course in 2016, changing its name back to The Nature’s Bounty Co. as a tribute to its top-selling brand. In January, the corporate name was changed again to The Bountiful Company.

Washington D.C.-based private equity firm the Carlyle Group took the company private in 2010, but sold a controlling interest to another private equity firm, Manhattan-based KKR & Co. Inc., in 2017. In that deal, Carlyle retained a minority interest.

A Bountiful spokeswoman and a KKR spokesman said Tuesday that SEC regulations barred them from offering further details on the IPO filing.

Underwriters for the IPO include Morgan Stanley & Co., J.P. Morgan Securities, Evercore Group, Jefferies and KKR Capital Markets, an affiliate of KKR.

Bountiful posted net sales of $1.9 billion in fiscal 2018, increasing to $2.01 billion in fiscal 2020. In the 2020 fiscal year ended Sept. 30, the United States accounted for $1.8 billion in sales.

For the quarter ended Dec. 31, the company reported net income of $54.3 million on net sales of $629.4 million, versus net income of $6.9 million on net sales of $492.8 million in the 2019 period.

In 2018, the company announced plans to invest $33 million for expansion and to preserve 1,924 jobs at its Ronkonkoma headquarters and 10 other facilities in Suffolk County.

In May, the company said it was seeking to fill more than 250 job vacancies at its Suffolk County factories in response to increased demand.

As of Sept. 30, Bountiful had about 4,150 employees worldwide.

Bountiful is the largest company focused solely on nutritional supplements in North America and one of the three largest globally, the company said in the government filing.

Demand for Bountiful's products used as immunity boosters accelerated at the begining of the COVID-19 pandemic, according to the government filing, followed by a sustained increase in sales for beauty, sleep, stress and other products.

Before joining the company as president and chief executive in September 2017, Paul L. Sturman managed the consumer health care business at pharmaceutical giant Pfizer.

In a letter to prospective stockholders, Sturman described Bountiful as a "consumer health & wellness machine" whose culture "reflects that best blend of street fighter and commercial sophistication."

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