DALLAS--(BUSINESS WIRE)--Satori Capital, a Texas-based investment firm founded on the principles of conscious capitalism, announced today an investment in Formulife.
Based in Allen, Texas, Formulife is a value-added developer and specialty contract manufacturer of custom-formulated nutritional supplements in powder, capsule, and tablet form for sports nutrition, fitness, and health and wellness brands that sell their products primarily via e-commerce. The company’s in-house research, development, and flavoring laboratory allows it to design formulas to incorporate on-trend, high-quality ingredients, maximize solubility, and produce industry-leading flavors.
“Formulife exceeds industry standards for quality, uses superior-grade ingredients, and has earned the most trusted certifications in the industry,” said Satori co-founder Sunny Vanderbeck. “These certifications ensure rigorous testing of the company’s incoming and outgoing materials and demonstrate Formulife’s commitment to producing some of the best-tasting, highest-quality products on the market.”
Formulife holds six preeminent industry certifications, including NSF International’s Certified-for-Sport,® Informed Manufacturer, and USDA Organic Certified. It has also been recognized within the industry for quality and taste, with one of Formulife’s products ranking as GQ magazine’s “Best-Tasting Protein Powder” in October 2020 and with 12 of its formulations recently included in BodyBuilding.com’s top 50 best-selling products.
Formulife will use a portion of Satori’s investment to complete a major expansion of its production facility before the end of 2021. The company expects the expansion to more than double the size of its facility to more than 90,000 square feet and to significantly reduce lead times for customers.
Formulife’s CEO, Scott Fuhrman, joined the company soon after its founding in 2009 and has been instrumental in leading its growth during the last 12 years. He has played a key role in developing its flavoring capability, directing its acquisition of valuable quality certifications, and building long-term relationships with customers. Brandon Smith, Formulife’s founder, and Chuck Letchman, an industry veteran, will continue to have active roles.
“We were only interested in partnering with an investor who would embrace our values, help us intelligently expand our production capacity, and share our commitment to quality and service, and we are thrilled to have found that partner in Satori Capital,” said Mr. Fuhrman.
Satori’s investment exemplifies the type of favorable outcome described in Mr. Vanderbeck’s best-selling book, Selling Without Selling Out: How to Sell Your Business Without Selling Your Soul. The book provides guidance to help business leaders articulate their priorities and find a buyer or capital partner who shares their values.
Deloitte Corporate Finance LLC acted as financial advisor to Formulife, and Locke Lord and McDermott Will & Emery served as legal advisors to Formulife and Satori, respectively.
About Satori Capital
Satori Capital is a Texas-based multi-strategy investment firm founded upon the principles of conscious capitalism. Satori’s private equity business partners with leadership teams of companies with $5 million to $25 million of EBITDA that operate with a long-term perspective, commit to their mission or purpose, and create value for all stakeholders. Companies interested in additional information should visit satoricapital.com.
About Formulife
Based in Allen, Texas, Formulife is a value-added developer and specialty contract manufacturer of custom-formulated nutritional supplements in powder, capsule, and tablet form for sports nutrition, fitness, and health and wellness brands. The company’s in-house research, development, and flavoring laboratory allows it to design formulas to incorporate on-trend, high-quality ingredients, maximize solubility, and produce industry-leading flavors. Visit formulifesupplements.com for more information.
