LANGLEY, BRITISH COLUMBIA -- (Marketwire) -- 03/19/13 -- The Rhema Group, a shining star in North America's natural health supplements industry, recently acquired Utah-based Harmony Concepts through funding from First West Capital. The Rhema Group acquired the US custom manufacturing company for nutritional and dietary supplements and herbal blends in late 2012. The acquisition positions Rhema to expand its business into the US and increase capacity.
Recently, one of Rhema's major clients began expanding aggressively into the United States, which provided an opportune time for the company to look into purchasing a blending facility across the border as it would enable them to move their product more efficiently and easily. Having already established a strong business relationship with Harmony Concepts, Rhema jumped at the chance to buy their partner when the company's owner's expressed an interest in selling the business.
"It was certainly great timing on both our parts as our acquisition of Harmony Concepts gave our company a platform to diversify our business and enter the consumer brands market," shares Carlo Zarrillo, president and chief executive officer of The Rhema Group. "Having a facility in the US to support our US-based clients will enable us to lower our costs on labour and potentially on raw materials, helping us to better withstand margin compression."
Having already financed a shareholder buyout deal with Rhema in 2011, Robert Napoli, vice-president of First West Capital was confident in their existing partnership with the company's management team and Rhema's line of business. Napoli says, "Rhema has a proven strategy and solid results and we are so pleased to be able to partner with them for a second time and fund their latest US acquisition. We're excited to see this company grow and be a part of their expansion plans."
"We really enjoy working with the First West Capital team," says Zarrillo. "This is the second loan we've secured through Robert and the team and both times, they have been extremely flexible, innovative and proactive in their approach. Since our first financing deal, they've really taken the time to get to know the ins and outs of our business, which is why we chose to partner with them again to fund this deal."
About The Rhema Group
Rhema has served the health industry as a custom and private label manufacturer and packager of high quality, innovative products since 1990. It aims to be an industry shaping organization and a trusted name in providing natural health, food and pharmaceutical products. For more information, visit rhemahealthproducts.com.
About First West Capital
First West Capital is a division of First West Credit Union, and is a $100 million fund established to provide subordinated debt and mezzanine financing to small- and medium-sized businesses. Led by Kristi Miller and Robert Napoli, the First West Capital team has more than 25 years of commercial lending experience including 18 years in subordinated debt financing. With on-the-ground knowledge of Western Canadian markets, First West Capital has the advantages of speed and flexibility. For more information, visit www.firstwestcapital.ca.
First West Credit Union
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