A Charlotte brand consulting agency has agreed to acquire the HealthWear brand and retail division of Conover-based textiles startup Nufabrx.
The startup, founded in in 2011 by Jordan Schindler, is a drug delivery platform that allows people to receive medication through everyday clothing. In addition to the Conover operations, Nufabrx has its manufacturing in Asheboro and has lab space at UNC Charlotte.
Charlotte-based Tallayne, which works with early-stage companies on achieving commercial success, purchased Nufabrx to expand the product accessibility of its "HealthWear" line.
Financial terms of the transaction were not disclosed.
Glenn Normoyle, founder of Tallayne, said the agency formed a relationship with Nufabrx in 2018, which has since strengthened its belief in the startup's technology and brand.
"This acquisition opens doors to even greater opportunities as we proactively work to grow awareness following its initial success," Normoyle said in a statement.
Using smart-textile technology, Nufabrx created the concept HealthWear — garments that release medicine into the customer's skin for pain relief. The compression braces release active ingredients in controlled amounts through body heat and moisture. Tallayne said in a news release that it purchased the retail line to boost the brand's "already impressive" distribution network and consumer acknowledgement.
Jordan Schindler, CEO and founder of Nufabrx, said the HealthWear brand was its first product line to launch in the commercial market. The success of the brand has enabled the company to create new health and wellness products that it expects to be available soon, he said.
"The sky is the limit on potential use causes and partner collaborations at this intersection between pharmaceuticals and apparel." Schindler said in a statement. "We're extremely excited to see where the team at Tallayne takes the brand!"
Nufabrx's products are currently available on its own website as well as through major retailers such as Amazon, CVS, Target, Walgreens and Walmart, both in stores and online.
The startup landed at No. 50 on the Inc. 5000 list of the Fastest-Growing Private Companies in America in 2021. It also came in at No. 1 that year on the Charlotte Business Journal's Fast 50 list, which ranks companies based on an average three-year growth rate. From 2018-20, Nufabrx saw average revenue growth of 802.57%.
Additionally, Nufabrx more than tripled its Conover footprint earlier this year. The company's space at the Manufacturing Solutions Center there expanded from 5,000 square feet to around 20,000 square feet.
