SP NUTRACEUTICALS ENTERS NEXT CHAPTER OF BUSINESS GROWTH WITH NEW INVESTMENT PARTNER, CHOPRAX VENTURES, AND APPOINTMENT OF NEW CEO AND BOARD OF DIRECTORS
05 Dec 2023
Executive ChangeAcquisition
ChopraX Ventures Signs Multi-Year Agreement and Product Partnership to Drive Metabolic Health Awareness and Product Innovation
President and CMO Darren Contardo Appointed to CEO
BURLINGTON, ON, Dec. 5, 2023 /PRNewswire/ -- Today, SP Nutraceuticals announced a strategic partnership and equity agreement with ChopraX Ventures, led by its renowned clinician and Chairman Dr. Deepak Chopra, a pioneer at the forefront of medicine for the past 50 years. Simultaneously, SP Nutraceuticals announced a new slate of senior leadership and advisory members, including the appointment of Darren Contardo, current President of the company, as the new Chief Executive Officer, effective as of November 6, 2024. Darren will retain the President title. SP Nutraceuticals' flagship brand Metavo offers a suite of metabolism products which aim to support metabolic health.
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Source: PRNewswire
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Source: PRNewswire
SP Nutraceuticals' multi-year agreement with ChopraX Ventures, co-founded by Dr. Deepak Chopra, David Lubotta, and Poonacha Machaiah, named SP Nutraceuticals the exclusive metabolic health company of ChopraX, including access to global wellness events and corporate finance activities, with the joint goal of enhancing global awareness of metabolic health.
"We are excited to collaborate with SP Nutraceuticals and actively pursue breakthrough innovations in metabolic health," said David Lubotta, Managing Partner of ChopraX Ventures. "Together, we are actively pursuing breakthrough innovation to reimagine the future of human wellness."
SP Nutraceuticals also announced the appointment of Darren Contardo as the new Chief Executive Officer. Contardo currently serves as President and Chief Marketing Officer of SP Nutraceuticals and brings over 20 years of experience, including executive positions at multiple leading consumer packaged goods (CPG) health and wellness companies with successful exits and acquisitions.
"I am honored to step into the position of CEO of SP Nutraceuticals in this exciting phase of growth," said Darren Contardo, CEO of SP Nutraceuticals. "Furthermore, the partnership with ChopraX Ventures aligns with our mission to transform metabolic health and I look forward to this next chapter for our brand Metavo."
Rounding out the next chapter of SP Nutraceuticals' development and growth, the company appointed a new Board of Directors to drive forward commercial success, further innovation and fortify its position as a leader in the metabolic health industry. New board members include:
Trevor Clarke, former CEO of SP Nutraceuticals, will now serve as the Executive Director and Corporate Secretary. Clarke is a successful founding entrepreneur and proven operator at Ethoca, and angel investor in SP Nutraceuticals. He brings more than 20 years of experience helping innovative startups scale and succeed in the global marketplace.
Dr. Paul Spagnuolo remains a co-founder of SP Nutraceuticals and remains a board member. Spagnuolo is an Associate Professor of Food Science at the University of Guelph and one of Canada's foremost experts in nutraceuticals. His lab continues to research and prove the human health benefits of natural food molecules.
Andre Edelbrock will assume the role of Chairman of the Board and is an accomplished innovative, entrepreneurial leader in online payment systems, risk, fraud and product management. Edelbrock recently served as founder and Chief Executive Officer at Ethoca, since 2005 before it was acquired by Mastercard in 2019.
Peter Sharpe is a new board member of SP Nutraceuticals. Peter retired from the Cadillac Fairview Corporation (CF) after a 26-year career, including 11 years as President and CEO, during which time he expanded the real estate investment platform beyond North America into the United Kingdom and South America. Under his leadership, CF's assets under management grew from $6 billion to over $20 billion. Peter also served as the Global Chairman of the International Council of Shopping Centers. In 2010, he was the recipient of the Building Owners and Managers Association Canada Chairman's Award and, in 2014, was awarded the prestigious Lifetime Achievement Award by NAIOP. Peter is now Chairman of Clifton Blake, a fully integrated real estate private equity and asset management firm.
Dave Fielding is a new board member of SP Nutraceuticals. Fielding runs the Family Office for the Fielding Family and is a current director of Array Marketing.
Learn more about SP Nutraceuticals and the flagship brand Metavo at www.metavo.com.
About SP Nutraceuticals
SP Nutraceuticals is committed to creating scientifically-tested plant-based, health products. Our goal is to help others achieve their healthiest future by providing plant-based bioactives that support metabolic health. We start with rigorous science and focus on the discovery of new and novel plant-based bioactives that unleash the powerful, natural benefits of plants and nutrition. Our mission is to build healthy communities through plant-based nutrition backed by rigorous clinical science.
About Chopra X
Chopra X is a global wellness accelerator and venture platform. We invest human and financial capital as true partners to incubate, accelerate and acquire innovations and invest in growth opportunities in the well-being industry. We are led by our Chairman and Co-Founder Dr. Deepak Chopra as well as leading experts and advisors with decades of experience in health & well-being, finance, marketing, branding, distribution and other valuable disciplines. For more information about Chopra X, visit www.choprax.com.
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