BOSTON, MA – (BUSINESS WIRE) August 11, 2021 – New Heritage Capital (“Heritage”), a Boston-based private equity firm, is pleased to announce a new platform investment in Icelandirect (“Icelandirect” or the “Company”), a leading importer, manufacturer and packager of marine oils and other nutraceutical products. Icelandirect has proven to be an invaluable partner for its customers, with extensive in-house formulation & packaging capabilities, a reputation for sourcing high-quality, hard-to-find ingredients from its global supplier base, and ability to meet fast turnaround times. Brown Gibbons Lang & Company (BGL) acted as financial advisor to the Company in the sale transaction.
Heritage completed the investment through its unique Private IPO® solution, which leaves operating control in the hands of the Icelandirect’s reinvesting co-founders, while providing them with the desired liquidity and financial flexibility to accelerate future growth. Since its inception in 2010, the Company has expanded its offering of hard-to-find marine oils and other nutraceutical products while growing its customer base by delivering world-class service.
“When we began the search for a partner, we were hoping to find someone who could help take our business to the next level, but not at the expense of our culture and commitment to customer success,” said Mark Stenberg, co-founder and retiring CEO of Icelandirect. “I am excited to support this next phase of Icelandirect’s growth as a member of the Company’s Board of Directors.”
“We are thrilled to be partnering with Heritage, who is supportive of our vision for the future,” added Brandon Miller, co-founder and newly appointed CEO of the Company. “We look forward to working with the Heritage team to execute on our exciting growth objectives.”
Melissa Barry, Partner at Heritage added, “We could not be more excited to partner with Brandon and the entire team at Icelandirect to help drive continued growth in the business. We’re impressed with Icelandirect’s position as an invaluable partner to its customers, and look forward to supporting the Company as it continues to diversify its ingredient offering and expand its in-house capabilities.”
About Icelandirect
Founded in 2010, Icelandirect has quickly grown from an importer of Icelandic fish oils to a diversified importer, manufacturer, and packager of marine oils and other nutraceutical products. The Company’s customers have come to rely on Icelandirect for its ability to source hard-to-find ingredients, full offering of custom formulation & packaging services, and unparalleled customer service.
About New Heritage Capital
New Heritage Capital is a Boston-based private equity firm with a twenty-year history of partnering with growing, middle market, founder-owned businesses. With its innovative investment structures like the Private IPO®, Heritage provides founders with a combination of liquidity and growth capital while allowing founders to maintain control of their business. With decades of experience at managing growth, Heritage gives its partners the strategic, operational and financial guidance to help its companies reach their growth objectives.
The above quotes are provided by Mark Stenberg, Co-Founder and CEO of Icelandirect and Brandon Miller, Co-Founder and newly appointed CEO of Icelandirect. Mr. Stenberg and Mr. Miller are not investors in any New Heritage Capital fund and were not paid for the quote included above. However, due to their position at Icelandirect, they may be inclined to have a favorable view of New Heritage Capital.
