Vi­ta­min maker Jamieson Well­ness makes TSX de­but

The Guardian (Charlottetown) - - BUSINESS - BY LINDA NGUYEN

Jamieson Well­ness is bank­ing on an ag­ing pop­u­la­tion and ris­ing dis­pos­able in­comes to help ac­cel­er­ate a five-year ex­pan­sion plan, the head of the com­pany says as its stock soared on its de­but Fri­day on the Toronto Stock Ex­change.

For nearly a cen­tury, the Toronto-based maker of vi­ta­mins, min­er­als and other sup­ple­ments has cap­i­tal­ized on con­sumer ap­petite to live healthy — and it is count­ing on that to grow.

“There is a global health and well­ness mega-trend that is go­ing on that af­fects ev­ery­one, no mat­ter which coun­try you’re in,” pres­i­dent and CEO Mark Hor­nick said in an in­ter­view be­fore the com­pany went public.

“Peo­ple want to live longer and they want a higher qual­ity of life. They want to pre­vent health con­cerns be­fore they be­come prob­lem­atic.”

Jamieson (TSX:JWEL) sold $300 mil­lion worth of its shares though its ini­tial public of­fer­ing and a sec­ondary of­fer­ing priced at $15.75 per share.

About an hour af­ter mar­kets opened, it shares were trad­ing at $17.70, up 12.4 per cent. The com­pany plans to use the money raised from its share of the of­fer­ing to re­pay debt and its pre­ferred share­hold­ers.

Ac­cord­ing to mar­ket re­search firm Euromon­i­tor, the Cana­dian vi­ta­min and mul­ti­vi­ta­min in­dus­try was worth $431.7 mil­lion last year.

Jamieson says it con­trols about 25 per cent of the vi­ta­min mar­ket in Canada. It also sells other prod­ucts in­clud­ing nat­u­ral sleep aids, herbal ex­tracts and nat­u­ral beauty and skin care prod­ucts.

The Cana­dian labour mar­ket beat ex­pec­ta­tions yet again last month by adding 45,300 po­si­tions, Sta­tis­tics Canada said Fri­day.

The vast ma­jor­ity of the new jobs in June were in part-time work, al­though the num­ber of full-time po­si­tions also rose.

The fresh data nudged the na­tional un­em­ploy­ment rate down to 6.5 per cent from 6.6 per cent the pre­vi­ous month.

A con­sen­sus of econ­o­mists had ex­pected an in­crease of 10,000 jobs in June and for the un­em­ploy­ment rate to stay at 6.6 per cent, ac­cord­ing to Thom­son Reuters.

The June in­crease adds to a se­ries of pos­i­tive job-mar­ket gains in the last year and comes amid wide­spread spec­u­la­tion that the Bank of Canada will hike its bench­mark in­ter­est rate of 0.5 per cent next week. Cen­tral bank gov­er­nor Stephen Poloz has made in­creas­ingly pos­i­tive state­ments about the state of the econ­omy in re­cent weeks.

CP PHOTO/HO-JAMIESON WELL­NESS

Jamieson Well­ness pres­i­dent and CEO, Mark Hor­nick, is seen in an un­dated handout im­age.

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