FreshTracks Capital Leads Financing for EatingWell, Inc.

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FreshTracks Capital Leads Financing for EatingWell, Inc.

Thu, 05/09/2002 - 8:00pm -- tim

FreshTracks Capital, L.P., of Middlebury, VT announced today the completion, along with three co-investors, of a $750,000 round of financing to enable the re-launch of EatingWell: The Magazine of Food and Health, based in Charlotte, VT. Joining FreshTracks Capital in the Series A investment are Boston Community Venture Fund, Village Ventures, Inc., and EW Partners, LLC.
“We are enthusiastic about funding the new EatingWell Magazine,” said FreshTracks Capital Managing Director, Charlie Kireker, “because the founder/ publisher has re-assembled the original team to revive a brand that attracted a paid circulation of 650,000 in the mid-1990’s”. Publisher James Lawrence believes “the combination of an experienced locally-based investor group and the growing national awareness of the vital inter-connections between nutrition, good food and personal health provides a great opportunity to provide readers with the news and recipes they need”.
Sharon Shepard, a partner with Boston Community Venture Fund who will join Kireker on the EatingWell Board of Directors.
The new magazine will be published as a quarterly with no advertising, whereas the first EatingWell was ad-supported.
“The ability of the new EatingWell to focus on its editorial mission, without the costly distraction of wooing advertisers”, said Jack Crowl, Managing Member of EW Partners, LLC, “appealed to me immensely as a former publisher, and prompted me to help organize a group of local private investors to join FreshTracks in this investment.” Before moving to Vermont, Crowl had been Publisher of The Chronicle of Higher Education, and was the Founder and Publisher of The Chronicle of Philanthropy, which are both leaders in their respective fields.
The re-launch of EatingWell: The Magazine of Food and Health is creating more than 20 full and part-time job opportunities for Vermonters. The offices and test kitchen for the publication are located on Ferry Road in Charlotte, where the magazine was conceived in 1990, prior to its sale to Telemedia Communications (USA), Inc. Controlling interest in the original EatingWell was later acquired by Hachette Filipacchi Magazines, Inc., which moved the business and advertising functions outside of the state. The first issue of the new EatingWell will be distributed in late June; a trial subscription to the charter issue, priced at $16.97/year can be ordered on the eatingwell.com web site.