MELISSA, Texas, June 11, 2024 (GLOBE NEWSWIRE) -- Intelligent Brands announces the divestiture of its nutraceuticals division, Pruvit, to buyer group Adventures Capital in a transaction valued at $107 million. Pruvit is the market leader in exogenous ketones, a bioidentical, bioavailable supplement that provides many of the health benefits of endogenous ketones and supports a keto-inspired lifestyle.
Going forward, Intelligent Brands will focus solely on its innovative food manufacturing capabilities and do business as Intelligent Foods. Intelligent Foods comprises leading direct-to-consumer meal-kit and prepared meals brands Sunbasket and Gobble, and also offers high-end meal manufacturing for a wide range of Direct-to-Consumer, Retail, and Food Service clients.
Intelligent Brands CEO Elizabeth Stephenson says, “We are extremely excited for Pruvit’s next chapter. Pruvit is an extraordinary brand, with a passionate set of customers focused on living their healthiest lives and an unequaled network of individual distributors globally. The buyer group, Adventures Capital, particularly given its affiliation with the LaCore family of companies, will bring the capabilities, expertise, and capital to grow Pruvit to its full potential.”
Pruvit CEO Brian Underwood says, “Pruvit has enormous potential to change lives. Both by helping people live healthier lifestyles and also by providing an incredible set of opportunities for our individual distributors to build profitable, growing, entrepreneur-led businesses.”
Stephenson says, “Intelligent Brands was founded to build a platform of boutique health and wellness brands. This broad scope prevented adequate investment in our brands. The creation of two standalone companies will allow each company to flourish.”
She continues, “Over the past two years, our food division has transformed into a profitable, growing, fully integrated meal kit and meal manufacturing company, with both our wholly-owned Sunbasket and Gobble brands, as well as a robust private label co-manufacturing platform. Our ability to deliver high-quality, healthy, premium meals is unmatched by any of our competitors, and our combined manufacturing capabilities set the standard for meal quality, customization, and food safety. We’re ready to strengthen our focus on growing this truly innovative food platform.”
ABOUT INTELLIGENT BRANDS:
Intelligent Brands is a holding company focused on the health and wellness space that owns leading consumer brands Sunbasket, Gobble, and, formerly, Pruvit. The company is headquartered in Melissa, Texas, with operations across the US. Going forward, Intelligent Brands will do business as Intelligent Foods, with a focus on healthy food and nutrition.
ABOUT INTELLIGENT FOODS:
Intelligent Foods was founded in 2021 with a mission to create healthy, premium meals and meal kits, both direct-to-consumer and via more traditional channels such as retail and food service. Portfolio brands include Sunbasket and Gobble. The business also manufactures healthy meals and meal kits for a range of other clients. The company is marked by its creative, gourmet culinary capabilities, product innovation, and world-class manufacturing and distribution platforms. Intelligent Foods is headquartered in Melissa, Texas.
ABOUT PRUVIT:
Pruvit is the market leader in exogenous ketones. It provides users with a bio-identical, bio-available ketone that mimics the function of endogenous ketones, which can only be created naturally by following a strict ketogenic diet. Pruvit supports users across a range of healthy lifestyle choices. Pruvit is headquartered in Louisville, Kentucky.
ABOUT ADVENTURES CAPITAL:
Adventures Capital is an investor group helmed by original Pruvit founders Terry LaCore, Brian Underwood, and Chris Harding. They are excited to take Pruvit to the next level, particularly as Pruvit enters a stage of global expansion.
PRESS CONTACT:
Stephanie Kelmar
A-Game Public Relations
stephanie@a-gamepr.com
