Garden of Life

In-depth company report

October 19, 2015

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Contents
Sl. No.

Section

Page

Executive summary..............................................................................................................................................

Company overview..............................................................................................................................................

Key developments...............................................................................................................................................

16

SWOT analysis....................................................................................................................................................

17

Company strategy................................................................................................................................................

19

Industry analysis..................................................................................................................................................

20

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p. 2

Executive summary
Garden of Life (GoL) manufactures and markets nutritional and diet supplements. It is headquartered in Florida, US, and has been a subsidiary of Atrium
Innovations Inc since 2009. which was recently acquired by Permira Funds.

SWOT overview
Strengths

Strong product portfolio

Recognition and certifications

R&D activities

Weaknesses

Opportunities

Growing industry

Increasing awareness about healthcare

Expansion opportunities

Limited geographical presence

Threats

Regulatory environment

Strategic initiatives

Innovation through collaboration / partnerships with experts

Focus on high quality

Customer-focused approach

Focus on sustainability

Outlook
Positive outlook for the company is driven by the following factors:
Partnerships with industry experts for innovations and development
Leading certified organic and Non-GMO Project verified brand

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Company overview
Snapshot (1/5)
Snapshot

Garden of Life (GoL), founded by Jordan Rubin in 2000, is a manufacturer and marketer of nutritional and diet supplement products. It has more than
200 branded supplements specializing in whole-food, certified organic, and non-GMO Project Verified nutrition.

Its products are sold through health food and specialty retail outlets, major retail chains, and independent stores in North America, as well as through
online stores. Its products are both USDA Organic certified and Non-GMO Projects Verified.

In September 2009, Atrium Innovation (Atrium), a Canada-based health products manufacturer, acquired GoL for approximately USD35m. In Nov
2013, Atrium was acquired by Permira Funds.

Key facts
Headquarters

Palm Beach Gardens, Florida, US

Founded

2000

Number of employees

~100

Website

www.gardenoflife.com

Ownership

Subsidiary of Atrium Innovations

Key financials
Sales*

USD145m

Operating profit

Total assets

Market cap

Note: *FYE not mentioned

Source: Company website, Avention, as accessed on Oct 16, 2015

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p. 4

Company overview
Snapshot (2/5)
Product overview
Product
RAW Fit

RAW Meal

RAW Protein

Organic Plant
Protein

Digestive health

Description

High protein vegan powder for weight loss

Helps burn fat, maintain blood sugar, boost energy, and lose weight
Contains Svetol green coffee bean extract, RAW Food created Chromium,
organic cinnamon, and organic sprouted grains

Provides probiotics and enzymes-rich convenient meals on-the-go

Is suitable for people on vegetarian, vegan diets, or low carbohydrate diets,
and people with gastrointestinal sensitivities to milk, whey, or other protein
sources

Contains plant-based protein, live probiotics and enzymes, fat-soluble vitamins,

and nutrient such as beta-glucans, SOD, glutathione, and CoQ10
Supports digestive health and function through its live protein-digesting
enzymes and probiotics products

Is certified USDA organic and non-GMO project verified

Is free from allergens such as gluten, grains, dairy, and soy

Specially designed products to facilitate digestion and assimilation

Product range: Includes Acid Defense, RAW Cleanse, Wild Rose Herbal Dtox, Fungal Defense, Detoxifiber, Perfect Cleanse, Primal Defense, Primal
Defense, -Zyme, and Super Seed

Source: Company website

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p. 5

Company overview
Snapshot (3/5)
Product overview
Product
Dr Formulated

Extraordinary
Beauty

Description

Is a probiotic supplement for daily health needs

Product range: Includes Dr. Formulated Urinary Tract+, Once Daily,
Prostate+, Mood+, Once Daily Ultra, Organic Digest+, Organic Kids+, and
Organic Fiber and Fitbiotic

Probiotic Smile: Helpful for teeth whitening, fresh breath, and maintaining the
overall health of the mouth, teeth, and gums
Lovely Legs: Contains original diosmin formula, which was earlier available
only in Europe; helps in the toning of small veins and capillaries

Foundational
nutrition

Herbal Immune
Balance

Immunity support

Includes a full line of supplements such as proteins, carbohydrates, fats,

vitamins, minerals, amino acids, antioxidants, and enzymes
Product range: Includes Perfect food Alkalizer & Detoxifier, Energizer, RAW
Wheat Grass Juice, Super Green, Berry, Radical Fruits, Goatein, and Olde
World Icelandic Cod Liver Oil
Includes whole food ingredients such as fermented yeast, Epicor and Vitamin
Code whole food vitamins and minerals
The product Sinus additionally includes fermented probiotic Saccharomyces
boulardii and citrus bioflavonoids
Products are formulated from whole foods and herbs
Product range: Includes FYI ULTRA, FYI Restore, RM-10 Ultra, Wobenzym
N, RM-10, and FYI

Source: Company website

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Company overview
Snapshot (4/5)
Product overview
Product

Description

Living Foods

Living nutrients

Minami Nutrition

Is a combination of whole food concentrates with important vitamins and

minerals
Offers three daily formulas and two focused formulas; Living Multi - Women's
Formula, Men's Formula and Living Vitamin C & Advanced

Has 11 unique formulations to fit any specific need at different stages of life
Product range: Includes VeganDHA, CardiO-3, PlusEPA, MorDHA, MorO-3,
PlusKenkO, and MorEPA Chewable

Is a multivitamins formula made from over 30 fruits, vegetables, and herbs,

making them rich in phytochemicals and cofactors such as antioxidants,
carotenoids, flavanols, isoflavones, catechins, anthocyanins, polyphenols,
vitamins, and trace minerals
Includes products for men, women, and kids of all ages

mykind Organics

Oceans 3

Includes extra virgin coconut oil and organic whole food bars
Extra virgin coconut oil: Contains medium-chain fatty acids such as lauric; is
free from trans-fatty acids
Organic whole food bars: Includes organic fruit, nuts, and sprouted grains
with live probiotics

Contains OmegaXanthin, which is made up of mega-3 fish oil, fucoxanthin, and

astaxanthin
Product range: Includes Oceans 3Beyond Omega-3, Better Brain, Beyond
Omega-3 Cod Liver Oil, Healthy Hormones, DHA Chewables, and Oceans
Mom

Source: Company website

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Company overview
Snapshot (5/5)
Product overview
Product

Description

Contains a combination of RAW ingredients for better digestion

Product range: Includes RAW Probiotics, Ultimate Care, Colon Care, Vaginal
Care, Men, Women, Kids, Women 50 & Wiser & Men 50 & Wiser; RAW
Gluten-Free Support, RAW Candida Cleanse; RAW Enzymes Women, Men,
Women 50 & Wiser, Men 50 & Wiser; RAW Fiber

Product range: Includes Super Omega 3 Organic Chia Seed, Real Cold Milled
Organic Golden Flaxseed, Organic Golden Flaxseed & Organic Chia Seed,
Organic Golden Flaxseed & RAW Organic Antioxidant Fruit, and Organic Plant
Protein

Is made with cultivated RAW Food-Created Nutrients, keeping their unique

code factors intact to ensure natural recognition as food by the body
Products include: Multivitamin Formulas, Targeted Nutrient Formulas and
Grow Bone System

RAW Digestion

RAW Organics

Vitamin Code

Weight
management
formulas

Weight-management solutions made with a combination of ingredients such as

fucoxanthin, pomegranate seed oil, RAW Green Coffee Bean Extract, and
RAW Concentrated Fucoxanthin
Product range: Includes fcoTHIN, fcoTHIN GREEN, fcoPROTEIN Bars,
Perfect Meal, and RAW Fit

Source: Company website

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p. 8

Company overview
Organizational structure
Organizational structure
Permira Funds

Atrium Innovations Inc

Source: Company website

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p. 9

Company overview
Key personnel (1/6)
Executive management
Charles DuBois President

Charles DuBois serves as President of Standard Process Inc since 1996.

DuBois joined the company in 1989 as plant engineer and participated on the design of the companys manufacturing plant in
Palmyra Wisconsin, US. Furthermore he held the executive vice president position from 1993 to 1995.
DuBois holds a masters of science degree in engineering management from Milwaukee School of Engineering. He
graduated from MU with a bachelors of science degree in electrical engineering.

Mary DuBois-Wisniewski VP of Administration

Mary DuBois-Wisniewski serves as Vice President of Administration at Standard Process Inc since 1998.
DuBois-Wisniewski joined the company in 1991 holding the position of Public Relations Director. In 1992 she was promoted
to Vice President of Marketing.
In 1996, Mary DuBois-Wisniewski became co-owner of Standard Process assuming then total ownership of the company.

Source: Company website accessed on 26 May, 2016 / LinkedIn, Bloomberg

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Company overview
Key personnel (2/2)

WIP
Key personnel

Steve Ryan VP of Finance

Steve Ryan serves as Vice President of Finance at Standard Process Inc.

He joined the company in 1993.
Before joining Standard Process, Steve Ryan served as Supervisor of Foreign Translations & Consolidations in JI Case, and
as staff accountant at Pwc.

John Nab Director of Professional Development

John Nab, Dc serves as Director of Professional Development at Standard Process Inc since he joined the company in 2011.
Nab has the responsibility on the development of academic partnerships across practitioner disciplines and further education
initiatives for the company.
John Nab graduated from Cleveland Chiropractic College (CCC) in Kansas City. In 2006 he was elected as part of the CCC
leadership team AS multi-campus officer .

Krista Beaudry Director of Human Resources

Krista Beaudry serves as Director of Human Resources at Standard Process Inc since he joined the company in 2015.
She is responsible for the companys future growth and also oversees aviation and health and wellness teams.
Krista Beaudry holds a bachelors degree in management from the University of Wisconsin-Whitewater and certifications
from the Human Resource Certification Institute as a Professional in Human Resources and a Senior Professional in Human
Resources.

Source: Company website / Capital IQ / LinkedIn

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Key developments
Press search
Recent developments (January 2015 May 2016)
Date

Area

18 May, 2016

New program

Standard Process Inc launches a new wellness program to help patients post-exercise pain
The company created the 10-Day Healthy Inflammation Response Program to provide support for patients to
lead a healthier life.

5 Aug, 2015

New program

Standard Process Inc launches a new wellness program that supports patients blood sugar metabolism
The company created the 10-Day Blood Sugar Support Program to help patients regulate blood sugar
metabolism.

18 May, 2015

New program

Standard Process Inc designs a nutritional health tool to optimize patients health
The company developed the NutriSync Genetic Nutrition and Fitness Assessment tool to provide
personalized diets, supplemental guidelines and exercise plans.

5 May, 2016

Business expansion

Standard Process Inc increases its support for veterinary professionals

The company created a new support system for veterinary professionals, which includes technical support,
product specialization trainings, as well as educational programs aimed to enhance knowledge of its
Standard Process Veterinary Formulas.

25 Apr, 2016

New product

Standard Process Inc presents Nevaton product

The company launched Nevaton from its supplement manufacturer MediHerb. This product supports the
nervous system and helps maintain balance in temporary mood swings.

New product

Standard Process Inc launches DiGest Forte product

The company announced its new formula, DiGest created by its supplement manufacturer, MediHerb. The
product was developed to help patients with gastrointestinal issues by stimulating appetite and supporting
healthy digestion.

18 Apr, 2016

Description

Source: Press Search

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Key developments
Press search
Recent developments (January 2015 May 2016)
Date

Area

Description

4 Feb, 2016

New product

Standard Process Inc developes a benchmark assessment tool for chiropractic practices
The company created a new benchmark tool to help chiropractors assess the health of their practice by
comparing it to similar practices, based on a national survey conducted of nearly 1,000 practicing
chiropractors.

1 Sept, 2015

New product

Standard Process Incs exclusive manufacturer, MediHerb, offers Rhodiola & Schisandra
Rhodiola & Schisandra, manufactured by MediHerb, offers support to counteract the negative impacts of
physical and emotional stress.

1 May, 2015

New product

Standard Process Inc develops a benchmark tool for acupuncture practices

The tool was designed for acupuncturists to obtain profiles and evaluations on professional practices through
submitting a survey on the companys website.

9 Mar, 2015

New product

Standard Process Inc releases VF Bio-Dent for its Standard Process Veterinary Formulas
VF Bio-Dent was designed to provide oral support for cats and dogs.

10 Mar, 2016

Recruitment

Standard Process Inc increases its workforce by adding seven new employees
The company appointed three new employees, in response to the increasing demand of dietary supplements.

19 Feb, 2016

Recruitment

Standard Process Inc appoints Senior Manager to Sales Department

Lorre Pietenpol was placed in charge of national sales and analytics.

Source: Press Search

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Key developments
Press search
Recent developments (January 2015May 2016)
Date

Area

Description

29 May, 2015

Recruitment

Standard Process Inc appoints three new members

The companys new members joined the Information Technology (IT) and Quality Control Department.

1 Apr, 2015

Recruitment

Standard Process Inc hires new Director of Human Resources

The company appointed Krista Beaudry as the Director of Human Resources to manage the Aviation and
Health and Wellness teams.

12 Mar, 2015

Recruitment

Standard Process Inc hires new Information Technology Director

The company appointed Joyce Young to lead the Information Technology (IT) Department. Young joined the
company after spending four months as a Standard Process consultant.

3 Feb, 2015

Recruitment

Standard Process Inc hires new R&D Director

The company appointed Ibrahim Abou-Nemeh to manage the R&D teams and to lead the companys new
product innovation team.

9 Jan, 2015

Recruitment

Standard Process Inc engages new members

The hired new employees to join the Engineering and Marketing Department.

29 Oct, 2015

Award

Standard Process Inc makes the 2015 Deloitte Wisconsin 75 list

The company was recognized for the eighth consecutive year for its successful contributions as an
employee-owned and privately held company. It held position 64 on the Deloitte Wisconsin 75 List.

Source: Press Search

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Key developments
Press search
Recent developments (January 2015May 2016)
Date

Area

Description

15 Jun, 2015

Partnership

Standard Process Inc agrees with Flambeau Inc on an on-site corporate wellness center
Flambeau partnered with the companys Cultivate Program to reduce work injuries and provide nutritional advice
through its on-site chiropractic center.

23 Apr, 2015

Technological
initiatives

Standard Process Inc creates its first mobile application for customer being part of Standard Process
Purification Program
The mobile application was created to compliment the companys Purification Program by providing
guidelines and motivation for patients with light exercise routines. The application is available for Android and
Apple users.

13 Apr, 2015

Technological
initiatives

Standard Process Inc creates an online ordering service

The companys new health solutions, called Patient Direct, was created to allow health care professionals
to offer Standard Process products online.

Source: Press Search

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p. 15

SWOT analysis
Strengths and weaknesses
Strengths

Strong product portfolio: GoL has a strong product portfolio and

caters to almost all areas of the food and dietary supplements industry.
The company offers more than 200 products through specialty retail
outlets, major retail chains, and independent stores.

Recognition and certifications: GoL is certified organic and NonGMO Project verified brand. It also holds several other certifications,
such as ISO17025 and Ecocert. These certifications have helped it
build brand value and generate consumer trust.

Robust R&D strategy: GoL has a well-established R&D advisory

board and experts from different areas of expertise on its R&D panel.
It also partners with leading experts and is backed by Atriums R&D
capabilities.

Weakness

Limited geographical presence: GoL has limited geographic

presence. It operates only in North America. The company could
reduce the risk by increasing its presence in other emerging countries.

Source: Press Search, company website

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SWOT analysis
Opportunities and threat
Opportunities

Industry growth: The global dietary supplement and nutrition industry

has been growing at a CAGR of 5.4% since 2012 and will be worth
USD106.2bn by 2017. The US is expected to account for 29% sales in
the industry by 2017

Increasing health awareness: Health awareness among general

public has been increasing due to easy access to information through
online health forums, health magazines, and social media.

Expansion opportunities: There are expansion opportunities in the

emerging markets with the growing demand for dietary supplements
due to increased disposable income and growing awareness for a
healthy lifestyle.

Threat

Stringent regulations: In the US, the FDA regulates the

pharmaceutical and dietary supplement industry. Over the years, it has
banned and recalled many dietary supplements. A banned product can
affect the profitability and reputation of the company in the market and
can hamper company growth.

Source: Press Search, company website

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p. 17

Company strategy
Company strategy
GoL aims to achieve high quality
standards and has been certified through
various leading agencies. It has been
constantly working to maintain quality in
all of its processes.

GoL strives to develop new and

innovative formulations through its
collaborations with experts.
Its R&D team includes many experts
from premier universities such as
Harvard and Oxford.

Innovate through
collaboration and
partnerships

According to SPINScan, a market

research firm, GoL is leading certified
organic & Non-GMO Project verified
brand

Focus on quality

Strategy

GoL uses data captured through various

touch points to derive insights on
customer behavior and preferences.
The company has a category
management program that collects
and analyzes data to understand
consumer needs at the store level.

Focus on
customer
satisfaction

Grow sustainably

GoL is focused on sustainable

development.
It uses recyclable packaging,
vegetable inks, sustainably farmed
papers, and 100% certified renewable
wind energy credits in its operations.

Source: Press Search, company website

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p. 18

Industry analysis (1/4)

Overview
Industry overview

The global dietary supplement and nutrition industry was valued at around USD82bn in 2012 and is expected to grow at a CAGR of 5.4% since 2012 to
reach USD106.2bn in 2017. The US is the global market leader and accounted for 28% of the global industry revenue in 2012. Its share is expected to
increase to 29% by 2017.
Global dietary supplement and nutrition industry* (USDbn)
Total

57.2

81.7

106.2

US dietary supplement and nutrition industry* (USDbn)

Total

16.8

22.9

4.4
10.9
3.1
8
1.9
4.7

32.7
2007

0.8
2.5
0.6
1.5

30.1

23.4

17.9
47.2
2012

30.7

0.4
0.2

7.2

60.8

2017E

Pediatric vitamins and dietary supplements

Tonics and bottled nutritive drinks
Vitamins
Dietary supplements**

12.2

9.3

9.0

11.5

2007

2012

15.2
2017E

Pediatric vitamins and dietary supplements

Tonics and bottled nutritive drinks
Vitamins
Dietary supplements**

In 2012, the dietary supplement segment accounted for approximately 58% of the total global dietary supplement and nutrition industry. By 2017,
this segment is expected to grow at a CAGR of 5.2%(2012 2017) to reach USD60.8bn.

In the coming years, the tonics and bottled nutritive drinks segment will witness the maximum growth, both globally and in the US. While its global
CAGR growth over 2012 2017 is expected to be 6.4%, its CAGR growth in the US for the same period is expected to be 10.2%.

Note: * Market size based on retailer sales / ** Includes herbal and combination dietary supplements
Source: Cashing in on the booming market for dietary supplements, McKinsey, December 2013, Euromonitor, press search

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p. 19

Industry analysis (2/4)

Drivers
Drivers

Aging population: The global population of individuals over 60 years of age is expected to reach 1 billion by 2020. Developed countries would
account for 70% of this population. This growth will drive demand for anti-aging, age-defying, and other nutritional products.

Increased awareness about preventive healthcare: Increased access to information about preventative healthcare through online forums,
magazines, and marketing efforts by nutritional and healthcare companies has increased the demand for dietary supplements. This demand is
expected to grow further in the coming years, supported by incentives to take preventative care measures being offered to customers by insurance
companies.

Increased healthcare costs: Due to increases in healthcare costs globally, an increasing number of people are focusing on preventive care, selfdiagnosis, and self-medication. This is expected to drive demand in the industry in the coming years.

Rise in self-directed healthcare: Consumers are increasingly relying on their own research to identify their health problems and needs, instead of
consulting with a doctor. This has a removed a layer in the purchasing process. With industry manufacturers encouraging this self-directed behavior
through educational and marketing efforts, this factor is expected to continue to drive the industry.

Lifestyle changes: Due to rising obesity levels and increasing lifestyle-related diseases such as cancer, coronary heart disease, and diabetes,
consumers are increasingly taking preventive measures and relying on nutritional and dietary supplements.

Demand from emerging markets: With increasing disposable income levels, improving standards of living, and strong economical growth, people in
emerging countries are extensively spending on healthcare to improve their quality of living. This is likely to drive the global nutritionals and healthcare
industry.

Growth of sales channels: Dietary supplement manufacturers are increasingly using online channels and specialty stores to sell their products,
instead of relying only on brick-and-mortar supermarkets and grocery stores. This has enabled them to reach a diverse and broad set of customers
and increase sales.

Sources: Cashing In on the Booming Market for Dietary Supplements, McKinsey, December 2013, press search

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p. 20

Industry analysis (3/4)

Trends
Trends

Emergence of private labels: The private label have continued to grow and have witnessed higher growth than traditional national brands among
major chains for nearly every category. Private labels have also grown in dietary supplement and nutrition industry and large retailers like Walmart and
Costco are enhancing their own private label offerings in dietary supplements category through new branding and formulations, improved packaging,
and in-store consumer education. It is expected that due to the attractive margins and consumer loyalty that private label brands can achieve, retailers
are likely to continue investing in these products, further fueling their growth

E-commerce growth: In 2014, the online vitamin and supplement sales in the US was USD4bn and is expected to grow at a CAGR (20102015)
growth of 13.4%. This growth has been driven by focused efforts by retailers to improve the online shopping experience and increase online education
and targeted marketing. These retailers include both start-ups and established players, such as Vitacost, Swanson Health Products, and General
Nutrition Centers.

Tightening regulatory landscape: Due to continued industry growth, regulations around manufacturing, product safety, and efficacy claims have
become more stringent. Over the past years, the FDA has increased its scrutiny of labeling violations in the industry. Between January 2009 and
December 2012, it recalled 274 dietary supplements. This indicates that manufacturers would have to be more careful with their labels and avoid
making incorrect nutrient, efficacy, and health benefit claims. As the industry grows further, regulations surrounding manufacturing processes and
practices would also become more stringent. Though these regulations may increase expenses of manufacturers, they would ultimately benefit the
industry by improving consumer confidence.

Increasing M&A activities: In the last five years, many pure play companies in the industry have been acquired by large pharmaceutical and
consumer good companies. For instance, New Chapter was acquired by P&G in March 2012, NBTY was acquired by Carlyle Group in 2010, and
Alacer was acquired by Pfizer in February 2012. This M&A trend is expected to continue in the coming years due to the projected high growth rates and
attractive margins in the industry.

Sources: Press search, IBIS World, Cashing In on the Booming Market for Dietary Supplements, McKinsey, December 2013

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p. 21

Industry analysis (4/4)

Competitive landscape
Competitive landscape*
Herbalife Ltd

NBTY Inc

General Nutrition
Corporation
(GNC)

Nature's
Sunshine
Products

Garden of Life

Develops, markets,
and sells nutritional,
weight management,
sports nutrition, and
personal-care
products

Manufactures vitamins
and nutritional
supplements

Manufactures and
retails health- and
nutrition-related
products

Manufactures and
markets natural health
supplements

Manufacturer and
marketer of nutritional
and diet supplement
products

Product range

Markets and sells over

150 products
encompassing over
5,300 stock keeping
units (SKUs)

Market over 25,000

individual SKUs under
a portfolio of wellknown brands

Retail stores offer over

1,800 SKUs across
multiple product
categories

Product line includes

over 700 products

Includes more than

200 products

Geographical
presence

91 countries

Approximately 100
countries

55 countries; primarily
in the US

Operates in more than

40 countries

North America

Sales (USDm)*

4,567.2
(FY ending Dec 31,
2014)

3,205.9
(FYE Sep 30, 2014)

2,613.2
(FYE Dec 31, 2014)

366.4
(FYE Dec 31, 2014)

USD145m**

Net income (USDm)*

308.7
(FYE Dec 31, 2014)

(44.1)
(FYE Sep 30, 2014)

255.9
(FYE Dec 31, 2014)

9.8
(FYE Dec 31, 2014)

Employees

7,800
(as on Dec 31, 2014)

41,221
(as on Sep 30, 2014)

6,200 full-time
(as on Dec 31, 2014)

964
(as on Dec 31, 2014)

Indicators

Overview

* The list is indicative / ** FYE not available

Source: Press search, Euromonitor, Hoovers, as accessed on Oct 16, 2015

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p. 22

InsightBee disclaimer
Although the information contained in this publication has been obtained from sources believed to be reliable, the author and InsightBee disclaim all
warranties as to the accuracy, completeness or adequacy of such information. InsightBee shall have no liability for errors, omissions or inadequacies in the
information contained herein or for interpretations thereof.

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p. 23