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FDD Talk 2016: The Complete Nutrition Franchise Opportunity (Financial Performance Analysis, Estimated Costs, and Other Important Stuff You Need to Know)

by Franchise Chatter on August 10, 2016

in FDD Talk 2017: Retail Franchises, Franchise Earnings, Retail Franchise, Sports Nutrition Franchise



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Complete Nutrition Store Photo

In this FDD Talk 2016 post, you’ll learn the following:

  • Section I – Background information on the Complete Nutrition franchise opportunity, including relevant news updates
  • Section II – Estimated initial investment for a Complete Nutrition franchise, based on Item 7 of the company’s 2016 FDD
  • Section III – Presentation and analysis of Complete Nutrition’s financial performance representations, based on Item 19 of the company’s 2016 FDD, including information on the:
  • 2015 average gross sales for the top 20%, top 40%, top 60%, top 80%, bottom 20%, and all 136 franchised Complete Nutrition outlets in the sample
  • 2015 average net sales, cost of goods sold, club match, royalty, credit card fees, advertising, payroll, rent, utilities, other expenses, owner’s salary, other general and administrative expenses, and store-level EBITDA for the top 1/3, middle 1/3, bottom 1/3, top 5, and all 107 franchised Complete Nutrition outlets that provided complete data to the franchisor
  • 2015 average monthly club dues collected and average POS ticket for the top 1/3, middle 1/3, and bottom 1/3 of the 107 franchised Complete Nutrition outlets that provided complete data to the franchisor

Section I – Background Information

Complete Nutrition Under New Ownership, Leadership

With new ownership and a new leader, perhaps Complete Nutrition is on the mend from a slight dip in numbers.

The Omaha, Nebraska-based company dropped off Entrepreneur’s Franchise 500 list in 2016 after ranking No. 201 and 202, respectively, in 2014 and 2015. Unit numbers dropped as well, with a net loss of 18 units since 2013; after surpassing 170 stores in 2013, Complete Nutrition finished 2014 with 156 stores and had 155 at the end of 2015.

That’s where Dominus Capital stepped in, acquiring Complete Nutrition in December 2015. Terms were not disclosed. Dominus, a middle-market private equity partnership based in New York City, says it typically targets companies that have untapped growth potential and works with management teams that have a philosophy of continuous improvement.

This approach appears to mesh well with the stated purpose of Complete Nutrition, which aims to provide customers with high-quality education, motivation and follow-up while bringing positive changes through nutrition supplement.

The Dominus portfolio also includes Balboa Water Group, Behavioral Interventions, Bentley, Cincinnati Fan and Ventilator, Collins & Aikman Floorcoverings, Heartland Automotive Services, Intelliteach, League Collegiate Outfitters, MW Industries, On Campus Marketing, Polaris Pool Systems, Spectrum Corporation, Staff Leasing/Geveity, Stauber Performance Ingredients, TLC Companies, Universal Fiber Systems and W.F. Taylor.

Heidenreich Named CEO

Also in December 2015, Jim Heidenreich took over as CEO of Complete Nutrition. Cory Wiedel, founder and former CEO, will remain on the board of directors.

Heidenreich brings sales, marketing and management experience with him to the job, but he also brings participatory experience through his dedication to fitness, including completing Ironman races in 2012 and 2014. He will work closely with the board on growth initiatives, with focus on such areas as franchise expansion, acquiring new customers, quality product launches and unique marketing programs.

Heidenreich previously was senior vice president and general manager for Spectrum Brands, a global battery company that includes Rayovac and Varta. He has also worked with EAS, Nautilus, Riddel Sports (now BRG Sports) and Brunswick Bicycles, among others.

Chain Offers Multi-Faceted Products and Services

Complete Nutrition helps customers looking for healthy aging, weight loss and sports nutrition through the products and services in its stores. Customers can purchase a wide variety of nutritional and vitamin supplements, high-protein food and healthful snacks, and energy products, as well as meal plans and nutrition counseling, body composition analysis and goal-based guides. Extensive educational information is available on the website.

Founder Started with GNC Stores

Wiedel, who founded the company in 2004, previously had owned 15 GNC stores that were among the top revenue-producing stores. In 2001, Wiedel started NDS Nutrition, which sold nutrition supplements to GNC franchisees, but later sold the company to focus on his new concept for Complete Nutrition.

By 2010, Complete Nutrition had 18 locations, most of them in the Midwest. Today, the company has more than 150 franchises in more than 30 states.

Growth Markets Open in Most U.S. States

The company has growth markets that are developed or are being developed in most U.S. states with the exception of Pennsylvania, New York, New Jersey, Delaware, and the New England states.

The company also has available for sale some Ready-to-Own units that are already established. These units offer the benefit of immediate operation in situations where franchisees can start running their businesses immediately. Currently, units are available in Arkansas, Arizona and Iowa.

Complete Nutrition places retail locations in carefully selected markets and upscale areas. The sleek design and modern layout are intended to be inviting to customers and reflect the premium quality of product lines that offer more than 200 exclusive products for weight loss, sports nutrition and healthy aging.

Section II – Estimated Costs

  • Please click here for detailed estimates of Complete Nutrition franchise costs, based on Item 7 of the company’s 2016 FDD (updated).

Section III – Financial Performance Representations (Item 19, 2016 FDD) and Analysis



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