Announcement of Periodic Assessment: Moody’s publicizes completion of a periodic evaluate of rankings of INW Manufacturing, LLCGlobal Credit score Analysis – 28 Jan 2022New York, January 28, 2022 — Moody’s Traders Service (“Moody’s”) has accomplished a periodic evaluate of the rankings of INW Manufacturing, LLC and different rankings which are related to the identical analytical unit. The evaluate was carried out by way of a portfolio evaluate dialogue held on 21 January 2022 wherein Moody’s reassessed the appropriateness of the rankings within the context of the related principal methodology(ies), latest developments, and a comparability of the monetary and working profile to equally rated friends. The evaluate didn’t contain a ranking committee. Since 1 January 2019, Moody’s apply has been to challenge a press launch following every periodic evaluate to announce its completion.This publication doesn’t announce a credit standing motion and isn’t a sign of whether or not or not a credit standing motion is probably going within the close to future. Credit score rankings and outlook/evaluate standing can’t be modified in a portfolio evaluate and therefore are usually not impacted by this announcement. For any credit score rankings referenced on this publication, please see the rankings tab on the issuer/entity web page on www.moodys.com for essentially the most up to date credit standing motion info and ranking historical past.Key ranking concerns are summarized under.INW Manufacturing, LLC’s B3 CFR displays the corporate’s sturdy income development since 2017 (by way of strategic acquisitions), its presence within the rising nutritional vitamins, minerals and complement (VMS) trade, the big range of merchandise and enterprise options that INW presents, and the sturdy and long-lasting relationships that the corporate has constructed with its principal purchasers. INW’s merger with Bee Well being and Capstone Vitamin will strengthen the profitability metrics of the corporate and develop and diversify its geographic footprint. The rankings additionally displays the corporate’s comparatively small scale, its excessive leverage professional forma for the Cornell LBO and the acquisitions, the risky nature of choose prospects and the aggressive income development technique based mostly on acquisitions and natural development. Cornell Capital’s acquisition of INW, Bee Well being, and Capstone Vitamin by way of a mix of latest debt and fairness, offers the non-public fairness agency with a platform to develop INW’s geographic footprint and buyer base by cross-selling its product choices. Cornell Capital is planning to develop INW’s EBITDA by way of natural development and acquisitions. Moody’s believes this development technique will assist the corporate develop its buyer attain. Nonetheless, the aggressive development technique additionally will increase credit score threat and integration threat as future acquisitions are prone to be debt financed. Having mentioned that, INW’s administration group has acknowledged that they want to keep a debt-to-EBITDA ratio of 4.0-5.0x over the long-term. INW’s liquidity is nice.This doc summarizes Moody’s view as of the publication date and won’t be up to date till the following periodic evaluate announcement, which can incorporate materials adjustments in credit score circumstances (if any) throughout the intervening interval.The principal methodology used for this evaluate was Shopper Packaged Items Methodology printed in February 2020. Please see the Ranking Methodologies web page on www.moodys.com for a duplicate of this technique.This announcement applies solely to EU rated, UK rated, EU endorsed and UK endorsed rankings. Non EU rated, non UK rated, non EU endorsed and non UK endorsed rankings could also be referenced above to the extent vital, if they’re a part of the identical analytical unit.This publication doesn’t announce a credit standing motion. For any credit score rankings referenced on this publication, please see the rankings tab on the issuer/entity web page on www.moodys.com for essentially the most up to date credit standing motion info and ranking historical past. Frank Henson Vice President – Senior Analyst Company Finance Group Moody’s Traders Service, Inc. 250 Greenwich Road New York, NY 10007 U.S.A. JOURNALISTS: 1 212 553 0376 Shopper Service: 1 212 553 1653 John E. Puchalla, CFA Affiliate Managing Director Company Finance Group JOURNALISTS: 1 212 553 0376 Shopper Service: 1 212 553 1653 Releasing Workplace: Moody’s Traders Service, Inc. 250 Greenwich Road New York, NY 10007 U.S.A. JOURNALISTS: 1 212 553 0376 Shopper Service: 1 212 553 1653 © 2022 Moody’s Company, Moody’s Traders Service, Inc., Moody’s Analytics, Inc. and/or their licensors and associates (collectively, “MOODY’S”). 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