Australia’s Foundry invests in Welleco
The Foundry, a private equity firm launched by executives from vitamin producer Swisse Wellness, has acquired a 25% stake in Welleco, a dietary supplement maker co-founded by supermodel Elle Macpherson (pictured).
Welleco will use the new investment to support its expansion in the US and China, according to Australian media reports. The company plans to open a flagship store in New York - it already has one in Perth - and to step up marketing efforts through its online channel. At present, about 80% of sales are online.
Established in 2014 by Macpherson and Australian entrepreneur Andrea Horwood, Welleco specializes in dietary supplements made from plant-based ingredients. Its best-known product is the Welleco Super Elixir, and it also offers high-protein formulations, children’s supplements, and herbal teas. The company sells its products in 44 countries, with the US accounting for 50% of revenue last year.
With the entry of The Foundry, ownership of Welleco is now split evenly between four stakeholders. Horwood and Macpherson each own a 25% stake, while Hoperidge Capital, the investment arm of the family office of Navitas CEO Rod Jones, owns the remaining 25%.
The Foundry is managed by Michael Da Gama Pinto, former CFO of Swisse, and Stephen Ring, the son of Swisse founder Kevin Ring. Ring and Da Gama Pinto launched the firm after the sale of Swisse to Hong Kong-listed baby formula maker Biostime International for A$1.7 billion ($1.3 billion) in 2015.
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