LOS ANGELES, Jan. 21, 2015 (GLOBE NEWSWIRE) -- Square 1 Bank, the premier banking partner to entrepreneurs and the venture capital community, today announced that it has increased to $15,150,000.00 its existing credit facility to Elite One Source Nutrisciences, a leading contract manufacturer of nutritional supplements. Proceeds of the facility helped finance the firm's recent acquisition of Nutritional Laboratories International, Inc. (NLI).
Elite One provides its customers the flexibility of manufacturing small and large batch sizes of tablets, capsules, and powders, plus unique packaging capabilities not frequently available in the nutritional supplement industry. Elite One is majority owned by Ampersand Capital Partners, a middle market growth equity firm with extensive experience investing in, and growing, manufacturing businesses in the healthcare sector. Ampersand will bring together current Ampersand portfolio company, NutraMed, with NLI under the Elite One umbrella. The acquisition of NLI expands Elite One's manufacturing capacity and customer base and adds a strong suite of services, including product formulation and specification development, precise ingredient sourcing, extensive in-house laboratory testing and regulatory compliance and documentation.
In a recent press release issued by Ampersand, Dr. Tom Burnell, president and chief executive officer of Elite One, said, "As the regulatory landscape governing the nutritional supplement industry evolves, the addition of NLI to our portfolio allows Elite One to accelerate its position as the industry's leading provider of high-quality products to some of the most recognized brands and retailers in the industry. Elite One will be the industry's elite, single source company for contract manufacturing of tablets, capsules, and powders."
Scott Foote, senior vice president and managing director of Square 1 Bank's life sciences practice in the west, added, "At Square 1, it's our goal to provide clients with the flexible financing solutions they need to help their businesses grow. We are pleased to continue our relationship with Elite One, and look forward to supporting the company's continued success as they pursue their next stage of growth and expansion."
About Square 1 Bank
Square 1 Bank is a full service commercial bank dedicated exclusively to serving the financial needs of the venture capital community and entrepreneurs in all stages of growth and expansion. Square 1's expertise, focus and strong capital base provide flexible resources and unmatched support to meet our clients' needs. Square 1 has offices coast-to-coast in Austin, the Bay Area, Boston, Denver, Durham, Los Angeles/Orange County, New York, San Diego, Seattle, Silicon Valley and Washington, DC. For more information, visit www.square1bank.com.
About Elite One Source Nutrisciences
Elite One Source Nutrisciences was established to become the leading contract manufacturer for nutritional and dietary supplements. The business draws on world class facilities across two locations and a deep and experienced team of formulators, chemists, natural product specialists, and particle engineers. The combination of the team and the broad array of services and manufacturing options including tablets, capsules, powders, and multiple packaging modalities enable Elite One to provide unmatched service to its customer base. Elite One maintains the highest quality standards while delivering complex products that meet customers' time and cost requirements.