Square 1 Bank Announces Increased Credit Facility to Elite One Source Nutrisciences

Square 1 Bank, the premier banking partner to entrepreneurs and the venture capital community, today announced that it has increased to $15,150,000.00 its existing credit facility to Elite One Source Nutrisciences, a leading contract manufacturer of nutritional supplements. Proceeds of the facility helped finance the firm's recent acquisition of Nutritional Laboratories International, Inc. (NLI). Elite One provides its customers the flexibility of manufacturing small and large batch sizes of tablets, capsules, and powders, plus unique packaging capabilities not frequently available in the nutritional supplement industry. Elite One is majority owned by Ampersand Capital Partners, a middle market growth equity firm with extensive experience investing in, and growing, manufacturing businesses in the healthcare sector. Ampersand will bring together current Ampersand portfolio company, NutraMed, with NLI under the Elite One umbrella. The acquisition of NLI expands Elite One's manufacturing capacity and customer base and adds a strong suite of services, including product formulation and specification development, precise ingredient sourcing, extensive in-house laboratory testing and regulatory compliance and documentation. In a recent press release issued by Ampersand, Dr. Tom Burnell, president and chief executive officer of Elite One, said, "As the regulatory landscape governing the nutritional supplement industry evolves, the addition of NLI to our portfolio allows Elite One to accelerate its position as the industry's leading provider of high-quality products to some of the most recognized brands and retailers in the industry. Elite One will be the industry's elite, single source company for contract manufacturing of tablets, capsules, and powders." Scott Foote, senior vice president and managing director of Square 1 Bank's life sciences practice in the west, added, "At Square 1, it's our goal to provide clients with the flexible financing solutions they need to help their businesses grow. We are pleased to continue our relationship with Elite One, and look forward to supporting the company's continued success as they pursue their next stage of growth and expansion."