TruArc Partners has invested in New Directions Aromatics (New Directions) in partnership with founder and CEO Alex Thomas. Based in Toronto, New Directions is a supplier of natural ingredients to the cosmetic, health, beauty and personal care markets. The terms of the transaction were not disclosed.
The partnership will provide New Directions with resources and capital to take advantage of the 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.
TruArc supports growth by partnering with senior executives and management teams to invest in strategic initiatives both organically and through acquisitions. Together, they draw on research, networks and experience to create growth opportunities for portfolio companies. New Directions serves a role in their target market’s supply chain, creating a platform from which to expand through focused investment.
Finally, TruArc operating partners Don Sturdivant and John Schweig will join New Directions’ board of directors as co-chairmen.
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“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.”
“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.”
“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.”