New York-based private investment firm ACI Capital Co. Inc. heads the partnership that is taking the nearly 20-year-old weight-watching firm private, with funding from Deutsche Bank's private equity arm, DB Capital Partners.
Sid and Jenny Craig, who founded the company in 1983, will reportedly have a $4 million stake in the new partnership. Each Jenny Craig Inc. stockholder would receive $5.30 per share in cash, 68% more than Friday's closing price of $3.15.
Jenny Craig Inc.'s La Jolla headquarters will stay open and Sid Craig, who has served as chairman and CEO, will continue to serve on the company's board. The deal will not affect the company's 652 Jenny Craig Centres, located in the United States, Canada, Australia, New Zealand and Puerto Rico.
In San Diego County, there are about a dozen Jenny Craig Centres, including Poway, Escondido, Encinitas, El Cajon, Carlsbad, Chula Vista and several in San Diego.The deal is expected to close in the second quarter, subject to several conditions, including approval by Jenny Craig stockholders.
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