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news.The Rhema Group, a natural health supplements manufacturer, has purchased US-based Harmony Concepts to expand business.
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The funding from First West Capital supported the acquisition of US custom manufacturing company for nutritional and dietary supplements and herbal blends.
The Rhema Group president and chief executive officer Carlo Zarrillo said, "Having a facility in the US to support our US-based clients will enable us to lower our costs on labour and potentially on raw materials, helping us to better withstand margin compression."
First West Capital, a division of First West Credit Union, is a $100m fund established to provide subordinated debt and mezzanine financing to small- and medium-sized businesses.
First West Capital vice-president Robert Napoli said, "Rhema has a proven strategy and solid results and we are so pleased to be able to partner with them for a second time and fund their latest US acquisition. We’re excited to see this company grow and be a part of their expansion plans."