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Secaucus-based nutritional retailer The Vitamin Shoppe is being sold to two private equity firms that aim to invest in the chain and upgrade its hundreds of stores nationwide.

In an April 16 press release, Kingswood Capital Management LP and Performance Investment Partners LLC said they expect to close the deal by the second quarter of this year.

The Los Angeles-headquartered firms did not disclose financial terms, but Bloomberg Law reported the transaction is valued at $193.5 million.

Kingswood partner Michael Niegsch and PIP partner Mark Genender said in a joint statement, “We are excited to partner with The Vitamin Shoppe team and help them build upon the success the business has enjoyed over the last 48 years.”

“We plan to make significant investments in the company’s third-party brand relationships, research and development across The Vitamin Shoppe’s owned proprietary brand portfolio, upgrades to the store fleet, and improvements to the omni-channel digital platform to deliver the best possible experience to customers,” they said.

“Further, The Vitamin Shoppe is the perfect partner for emerging and growing brands that can benefit from access to over 650 retail doors and The Vitamin Shoppe’s millions of loyalty members at a time in history when it is more important than ever for these brands to demonstrate success and traction in physical retail as well as online,” the two added.

The agreement comes less than six months after The Vitamin Shoppe’s parent company, Franchise Group Inc., filed for Chapter 11 bankruptcy.

As part of a restructuring plan with its primary lenders, Franchise Group said it would continue operating its three strongest banners – The Vitamin Shoppe, Pet Supplies Plus and Buddy’s Home Furnishings.

Franchise Group acquired The Vitamin Shoppe in December 2019, as part of an effort to diversify its business and operations.