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Nestle to Sell Most of Jenny Craig Unit to North Castle

Nestle SA, the world’s largest food company, agreed to sell most of its Jenny Craig diet business to North Castle Partners for an undisclosed amount as it embarks on an effort to dispose of underperforming units.

Nestle will divest Jenny Craig in North America, Australia and New Zealand, the Swiss company said today in a statement. The price was probably less than the approximately $600 million Nestle paid in 2006, analysts at Natixis and SNS Securities said. The French business isn’t part of the transaction with the Greenwich, Connecticut-based private-equity firm, which will combine Jenny Craig with its Curves fitness clubs for women.