Weight loss centres
Established in Australia in 1983 by Sid and Jenny Craig. Bought by Nestle in 2010, who sold it to North Castle Partners in 2013, who sold it to HIG Capital in 2019. Shortly after its US parent company declared bankruptcy, the Jenny Craig Australia and New Zealand business entered administration and then ceased operations with all staff made redundant after its administrators failed to secure a buyer for the physical stores and employees. Jenny Craig's online business was sold to healthcare technology company Eucalyptus.
Company Ownership
Jenny Craig Weight Loss Centres Pty Ltd
AUS
H.I.G. Capital LLC
owns 100% of Jenny Craig Weight Loss Centres Pty Ltd
USA
Private equity firm
Global alternative assets investment firm with $55 billion of equity capital under management.
Company Assessment
(Last updated Jan 2023)
Praise
Criticism
Information
Jenny Craig Weight Loss Centres Pty Ltd
Praise
Criticism
Information
Fined for misleading ads
In 2018 this company paid $37,800 in penalties following the ACCC issuing three infringement notices for alleged false or misleading representations in breach of the Australian Consumer Law. From December 2017 to February 2018, Jenny Craig represented in television advertisements people could lose up to 10kg of weight for a $10 program fee, without adequately disclosing customers also had to purchase food at an additional cost.
Source: ACCC
(2018)
H.I.G. Capital LLC
Praise
Criticism
Information
$25m health care fraud settlement
In 2021 H.I.G. Capital and former executives of South Bay Mental Health Center (SBMHC) agreed to pay US$25 million for allegedly causing fraudulent claims to be submitted to Massachusetts' Medicaid Program, known as MassHealth, for mental health care services provided to patients by unlicensed, unqualified, and improperly supervised staff members at clinics across the state. This settlement is the largest publicly disclosed government health care fraud settlement in the nation involving private equity oversight of health care providers, as well as the largest amount a private equity company itself has agreed to pay to resolve fraud allegations involving health care portfolio companies.
UN Principles for Responsible Investment signatory
UNPRI is a set of six principles direct institutional investors may adopt to consider environmental, social and corporate governance issues when investing. UNPRI is a voluntary agreement.
Source: UNPRI
(2023)
Company Details
Founded:
1983
Revenue:
71 million AUD
(2009)
Employees:
411
(2009)
Contact Details
Address:
Level 6, 464 St Kilda Rd, Melbourne, VIC, 3004, Australia
Phone:
1300 453 669
Website:
Products / Brands
Jenny Craig
Jenny Craig
Weight Loss