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The basics:

• Sharon Leite returns as CEO after private equity buyout
• Kingswood, PIP acquire The Vitamin Shoppe
• Former GNC, Rent the Runway execs named to board

After its acquisition by two private equity firms, The Vitamin Shoppe is bringing back its former chief executive officer as part of a strategy to invest in the Secaucus-based nutritional retailer.

A May 20 press release announced the deal’s close. Additionally, Kingswood Capital Management LP and Performance Investment Partners LLC said Sharon Leite has returned to lead the company.

Leite stepped down as CEO in January 2023 after four-and-a-half years in the role.

During her tenure at The Vitamin Shoppe, Leite helped re-energize the retailer with a range of expansion and innovation initiatives. Milestones include a new technology-driven retail format and distribution to new sales channels, as well as increased development and penetration of private brands.

Leite also appeared in her capacity as The Vitamin Shoppe’s CEO on a January 2022 episode of the hit CBS reality series Undercover Boss.

Following her departure from The Vitamin Shoppe, Ideal Image named Leite CEO. Based in Tampa, Fla., the aesthetics brand supplies doctors and medical professionals with treatments such as laser hair removal, body sculpting, Botox, fullers and skin rejuvenation.

Leite shared in a statement, “I am thrilled to return to The Vitamin Shoppe. With the invaluable support of our partners at Kingswood and PIP—leaders in building brands and driving growth in omnichannel retail—we are primed for an exciting new era of expansion.”

“I look forward to collaborating with the board, management team, vendor partners, and our dedicated Health Enthusiasts as we build a world-class health and wellness platform that delivers an unparalleled experience to our customers,” she said.

Brand building

Additionally, The Vitamin Shoppe named Alex Smith and Beth Kaplan to the company board, according to the press release.

Smith is a Kingswood operating partner and current executive chairman of one of the firm’s portfolio companies, specialty retailer World Market. His background includes serving as executive chairman and then chairman at The Vitamin Shoppe. He’s also been CEO of Pier 1, as well as held senior management positions at TJX Cos., which operates brands like T.J. Maxx, Marshalls and HomeGoods.

Kaplan was most recently president and chief operating officer of Rent The Runway. Prior to that, she was president, chief merchandising & marketing officer and director at General Nutrition Centers (GNC), a competitor of The Vitamin Shoppe. She’s also help leadership posts with Bath & Body Works, Rite Aid and Procter & Gamble.

Kingswood partner Michael Niegsch and PIP partner Mark Genender said, “We are thrilled to be able to partner with Sharon, Alex, Beth, and the entire team at The Vitamin Shoppe. We look forward to investing in a variety of brand-building strategies, including further supporting the health enthusiasts in running great stores, enhancing the company’s digital marketing and e-commerce capabilities, innovating the private brand portfolio, and working with existing and emerging third-party brands to be the best distribution partner in the market.”

Renewed beginnings

The new ownership also aims to upgrade The Vitamin Shoppe’s 635 stores nationwide.

The Los Angeles-headquartered firms did not disclose financial terms of the acquisition. Bloomberg Law reported the transaction’s value at $193.5 million.

The deal comes about seven 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.