August 31, 2014 12:05 AM ET

Diversified Consumer Services

Company Overview of Herbal Magic Inc.

Company Overview

Herbal Magic Inc. provides weight loss management programs and nutritional support products to clients in North America. It offers health and energy products; weight control products; vitamin and mineral supplements; and therapeutic products from internal body cleansing, skin rejuvenation, and stress relief to specific health solutions for women and men. The company was founded in 1996 and is based in Toronto, Canada with weight loss centers in Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Québec, Saskatchewan, and Yukon, Canada.

1867 Yonge Street

Suite 700

Toronto, ON M4S 1Y5

Canada

Founded in 1996

Phone:

416-487-7009

Fax:

416-487-4569

Key Executives for Herbal Magic Inc.

President
Age: 39
Vice President of Scientific Affairs & Consumer Health and Member of Scientific Advisory Board
Compensation as of Fiscal Year 2014.

Herbal Magic Inc. Key Developments

Herbal Magic May Be Acquired By The Private Equity Firm

Herbal Magic Inc. filed for bankruptcy protection in July 2014, owing creditors more than $77 million. Now, it has a tentative deal to be acquired by the private equity firm founded by Bay Street financier Steven Hudson, Chairman of Herbal Magic and an investor in the ailing chain. On July 25, 2014, the Ontario Superior Court of Justice approved the sale, which is expected to close next week. It did not disclose the purchase price. “Failing the closing of the sale transaction before the end of July, 2014, Herbal Magic will have no cash to fund its business and will have to cease operations before the end of August,” a court filing says. Hudson is not referred to by name in the court documents, but rather as the Chairman of Herbal Magic’s Board of Directors and the “inside bidder.” But “to preserve the integrity of the sales process, procedures were put in place to ensure that the inside bidder (including the parties with an interest therein) did not receive any information not available to the other bidders,” Chief Financial Officer Stephen Brown’s document says. He and then Chief Executive Officer Ted Starkman ran the sale process.

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