Herbal Magic
 |
|
| Private | |
| Industry |
Weight Loss Health & Wellness Nutrition |
| Fate | Bankrupted (eastern Canada only) |
| Founded | 1995 |
| Headquarters | 1867 Yonge St. Suite 700 Toronto, Ontario M4S 1Y5, Canada |
|
Key people
|
Stephen Brown (CEO) Steve Hudson (Chairman) |
|
Number of employees
|
over 350 |
| Website | herbalmagic.ca |
Herbal Magic is a Canadian weight loss and nutrition company based in Toronto, Ontario. Operating through a network of approximately 150 weight loss and nutrition centres across Canada, Herbal Magic is Canada's largest commercial weight loss company. The program includes one-on-one personal coaching, natural health products (including vitamin support) and grocery store bought food.
Herbal Magic was founded in 1995 by Dieter Decker, who opened his first weight loss and nutrition centre in London, Ontario. After growing the business to 228 centres nationwide (220 in Canada, and 8 under the name Nutri Magic in Michigan), Decker sold the company in December 2003 to Trivest, a Miami, Florida based private investment firm. Trivest appointed Tom McNeely of Tim Hortons as CEO, and the number of units grew by nearly 45%, to 300 stores. In the summer of 2006, Trivest hired CIBC World Markets to launch an auction of Herbal Magic. According to one source, the company was sold earlier than normal because the investment had "already exceeded all of Trivest's expectations." In October 2006, Herbal Magic was sold to TorQuest Partners.
Then in 2009, Cameron Capital, a Toronto-based firm whose investments include Hair Club for Men and Beauty First, invested in the business. On February 18, 2009, the company announced a change in ownership making new investments in Herbal Magic Inc., including a personal investment from incoming Chairman Steve Hudson. The principles of Cameron Capital became managing partners of Herbal Magic, overseeing both strategic and daily operations.
On August 7, 2015, the company declared bankruptcy and closed all of its central and eastern Canada stores, while its 41 western Canada stores were taken over by a secured lender and would continue operating. Some of the remaining stores, however, are expected to be closed in the future.
The Herbal Magic program offers a combination of private one-on-one personal coaching, real food bought at your grocery store, and natural health products. It has weight loss programs designed for women, men, diabetics (type I and II), youth, women who are planning to conceive, breastfeeding mothers, and those with diagnosed heart conditions. The programs are designed to help clients lose weight at an average rate of two pounds per week. There are three key phases to the program including:
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Wikipedia