The vitamin and nutrition supplement manufacturer is wholly owned by chairman Eric Margolis, who has been at the helm of the company for 41 years. The deal is expected to close on Jan. 31.
According to company spokesperson Paula Prociuk Blacklock, the hope is the deal will provide additional capital, which will be used for expansion. She also says there are no plans for re-organization or downsizing.
“Jamieson will benefit from new infusions of capital and top line management to continue its growth, including expansion into the United States and internationally, to achieve our goal of becoming a world market leader,” Margolis said in a statement.
Margolis will retain his position as chairman of the board of directors, while Vic Neufeld will continue as CEO.
Jamieson employs 450 people at its Windsor laboratory.