Yellow Wood Partners, LLC
Boston private equity firm that invests exclusively in consumer brands, owner of Suave, Dr. Scholl's, Elida Beauty, and pending acquirer of Nestle's vitamins business.
Company Type
private
Founded
2011
Headquarters
Boston, Massachusetts, United States
Primary Market
United States
About Yellow Wood Partners, LLC
What does Yellow Wood Partners do?
Yellow Wood Partners is a private equity firm that buys consumer brands, typically carve-outs from large companies, and operates them as standalone platforms before exiting.
Is Yellow Wood Partners publicly traded?
No. Yellow Wood is a private partnership owned by its partners and employees.
Who founded Yellow Wood Partners?
Dana Schmaltz and Mark Burgett founded the firm in Boston in 2011.
Where is Yellow Wood Partners headquartered?
The firm is headquartered at One International Place in Boston, Massachusetts.
What brands does Yellow Wood own?
Its portfolio includes Suave, Dr. Scholl's, BYOMA, Tan Luxe, Timotei, and Alberto Balsam. In September 2026 it agreed to acquire Nature's Bounty, Nuun, Osteo Bi-Flex, and Gard from Nestle, pending closing in the first half of 2027.
Did Yellow Wood buy Nature's Bounty?
Yes. Yellow Wood agreed in September 2026 to acquire Nestle's holistic health platform, including Nature's Bounty, for approximately $1 billion. The deal was pending as of October 1, 2026.
History of Yellow Wood Partners, LLC
Yellow Wood was founded in Boston in 2011 by Dana Schmaltz and Mark Burgett, consumer-focused investors who saw a repeatable opportunity in corporate divestitures. The thesis was simple: large consumer companies periodically shed brands that are too small for their portfolios but still have loyal customers.
The firm's early deals established the carve-out pattern. It acquired Beacon Wellness (formerly Clio), a personal care and beauty devices company, and built Suave Brands Company around the Suave hair and skin care brands purchased from Unilever in 2023.
The 2023 acquisition of Unilever's Elida Beauty platform was its largest to that point, adding brands including Timotei, Alberto Balsam, and Q-tips outside the United States. Other platforms include Scholl's Wellness Company, built around Dr. Scholl's footcare, and Future Beauty Brands, which holds BYOMA and Tan Luxe.
In September 2026, Yellow Wood agreed to acquire Nestle's holistic health business for approximately $1 billion. The carveout includes Nature's Bounty, Nuun, Osteo Bi-Flex, and Gard, and was expected to close in the first half of 2027.
Brands Owned by Yellow Wood Partners, LLC
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Yellow Wood Partners, LLC Ownership: Pros & Cons
Advantages
- +Deep specialization in consumer carve-outs, a repeatable niche
- +Operational support model suited to separated businesses
- +Concentrated portfolio allows hands-on management
- +Nature's Bounty deal provides scale platform in health and wellness
Considerations
- -Dependent on continued flow of corporate divestitures for deal sourcing
- -Carve-outs carry separation risk and stranded-cost challenges
- -Concentrated fund structure means single-deal underperformance matters more
- -Consumer categories face private label and DTC competition
Frequently Asked Questions About Yellow Wood Partners, LLC
What does Yellow Wood Partners do?
Yellow Wood Partners is a private equity firm that buys consumer brands, typically carve-outs from large companies, and operates them as standalone platforms before exiting.
Is Yellow Wood Partners publicly traded?
No. Yellow Wood is a private partnership owned by its partners and employees.
Who founded Yellow Wood Partners?
Dana Schmaltz and Mark Burgett founded the firm in Boston in 2011.
Where is Yellow Wood Partners headquartered?
The firm is headquartered at One International Place in Boston, Massachusetts.
What brands does Yellow Wood own?
Its portfolio includes Suave, Dr. Scholl's, BYOMA, Tan Luxe, Timotei, and Alberto Balsam. In September 2026 it agreed to acquire Nature's Bounty, Nuun, Osteo Bi-Flex, and Gard from Nestle, pending closing in the first half of 2027.
Did Yellow Wood buy Nature's Bounty?
Yes. Yellow Wood agreed in September 2026 to acquire Nestle's holistic health platform, including Nature's Bounty, for approximately $1 billion. The deal was pending as of October 1, 2026.
Sources & Further Reading
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Supplement Brand Ownership: Who Makes Your Vitamins
Garden of Life is Nestle. Centrum is Haleon. One A Day is Bayer. Nature's Bounty is heading to private equity firm Yellow Wood in a $1B deal. Discover who makes your vitamins.
Monthly M&A Roundup: September 2026 Brand Ownership Changes
September 2026's biggest deals: Nvidia signed its $12.9B Hugging Face acquisition, GE Aerospace agreed to buy CPP for $11.75B, AMD acquired World Labs for $8.2B, Royal Caribbean took a $3B stake in Sandals, LVMH sold Marc Jacobs, and Nestle offloaded its vitamins business for $1B. Full breakdown.
Dental Brand Ownership Beyond Colgate and Crest
Colgate holds 41.3% global toothpaste share. P&G (Crest, Oral-B) has 14.1%. Haleon (Sensodyne) has 4.4%. Church & Dwight is the only independent at scale. The oral care market is $47.2B. Explore our database.
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