Functional Formularies

May 1, 2024

Swander Pace Capital Completes Sale of Functional Formularies to Danone

West Chester, OH (May 1, 2024) – Swander Pace Capital (“SPC”), a leading private equity firm specializing in consumer product companies, today announced the sale of Functional Formularies, a leading provider of organic, whole food, shelf-stable feeding tube formulas, to Danone. Since being acquired by SPC in November of 2018, Functional Formularies has benefited from significant investments in sales, innovation, and operational infrastructure, substantially strengthening the platform and setting the stage for continued growth.

“It was a pleasure to work with the Functional Formularies team; their hard work and dedication enabled a fantastic result,” said Mo Stout, Managing Director at SPC. “This is a great example of SPC’s ability to partner with management teams to help accelerate growth and build value. We wish the Functional Formularies team all the success going forward and are confident they will continue to deliver results for patients and families for many years to come.”

“I am so proud of our team’s ability to deliver high quality ingredients to help with improved patient outcomes,” said Marc Gibeley, CEO of Functional Formularies. “This has been an extremely rewarding journey and partnering with the SPC team has been a pleasure. Their strategic perspective, network, and broader category insights were key enablers of the team’s success and are greatly appreciated.”

“Functional Formularies has unique and differentiated products that are helping patients and families thrive every day,” said Alex Litt, Director at SPC. “I look forward to seeing the Company’s continued growth and innovation under Danone’s leadership and international capabilities.”

The Functional Formularies investment exemplifies Swander Pace Capital’s depth and experience investing in the consumer healthcare sector. Prior and current investments include businesses such as Clarion Brands, Insight Pharmaceuticals, Prestige Brands, Renew Life, Swanson Health, Mommy’s Bliss, Captek Softgel International, Reliance Holdings, and Santa Cruz Nutritionals.

Lazard served as exclusive financial advisor to Functional Formularies, and Jones Day acted as legal counsel to Functional Formularies and Swander Pace Capital on the transaction.

About Swander Pace Capital
Swander Pace Capital (SPC) is a private equity firm that invests in companies that are integral to consumers’ lives. SPC’s consumer industry expertise informs the firm’s strategic approach and adds value through access to its proven SPC Playbook, senior team, and extensive network. The firm partners with management teams to help build companies to their full potential. SPC invests in businesses across three domains of consumer lifestyles: Food + Beverage, Body + Wellness, and Home + Family. Representative investments include Bragg Live Food Products, Swanson Health Products, Café Valley Bakery, Patriot Pickle, Mommy’s Bliss, Merrick Pet Care, Kicking Horse Coffee, Purely Elizabeth, Captek Softgel International, Fine Choice Foods, and Monistat. With offices in California, New Jersey, and Ontario (Canada), SPC has invested in more than 60 companies and raised cumulative equity commitments of approximately $2.2 billion since 1996. For more information, visit

About Functional Formularies
Functional Formularies is a leading provider of organic, whole food, shelf-stable feeding tube formulas. The Company offers unique, organic, and whole food alternatives to traditional feeding tube formulas. Liquid Hope® and Nourish® are nutritionally complete, plant-based, and USDA-certified organic. The Company offers its products to institutional customers in hospital and long-term care settings and to retail customers online throughout the U.S. and Canada. To learn more about Functional Formularies products, visit

Jeremy Milner
BackBay Communications
(401) 862-9422