BRATTLEBORO, Vt.Procter & Gamble (P&G)one of the largest CPG companies in the worldclosed a deal March 15 to purchase New Chapter Inc., a privately owned producer of dietary supplements; financial details of the agreement were not released. Howard Weiss-Tisman, reporting for the Brattleboro Reformer, quoted New Chapter's co-founder Paul Schulick as stating, "For us, this has been a dream come true. This is what we have been wanting to do since we started doing this 30 years ago. The world and the United States need this. This has to happen." The acquisition will significantly broaden the market for New Chapter's range of whole food supplements, allowing the company to strengthen its supply chain and expand sales.

The company was founded in 1982 by Paul and Barbi Schulick, both of whom will stay with the company in the roles of executive vice president of science and innovation and vice president of organization and culture, respectively. Kyle Garner, a P&G employee, was named CEO of New Chapter. Weiss-Tisman reported that Liz Bankowski, president of the board for New Chapter, said the deal with P&G came together while New Chapter was in discussions with venture capital firms looking to fund its growth. He further reported Bankowski said New Chapter will be a stand-alone, wholly-owned subsidiary of P&G and remain based in Vermont.

New Chapter has been recognized within the industry for its commitment to organic ingredients, sustainability and scientific research to substantiate the efficacy of its products. In fact, New Chapter was the recipient of the American Botanical Council's 2010 Varro E. Tyler Award, recognizing the company's contributions to phytomedicinal research. INSIDER reported New Chapter received the award for its commitment to research and clinical trials, including work supporting its Wholemega®, Zyflamend® and Prostate 5LX® products.