GENEVA (AP) -- Nestle, the world's biggest food and drink company, says it has sold off its weight management business Jenny Craig in North America, Australia, New Zealand, and the Pacific Islands.
The Vevey, Switzerland-based company says the business was sold to North Castle Partners, a U.S. private equity firm based in Greenwich, Conn., focused on companies that promote health, wellness and active living.
Nestle's statement Thursday said the Jenny Craig business in France was not part of the transaction. Jenny Craig, founded in 1983, had been part of Nestle's nutrition portfolio since 2006.
Nestle says the new owners will take over the businesses and offer employment to Jenny Craig staff, but the financial details of the deal -- subject to "customary closing conditions" -- will not be disclosed.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.