In a market where generalists often chase the next big thing, WM Partners’ philosophy is to stick to what it knows best: health and wellness. With $1.2 billion in AUM, the Aventura, Florida-based buyout firm specializes in acquiring and scaling companies in natural personal care, functional foods, and natural remedies—betting on science-backed trends and operational know-how.
“We’re not just investors. More than half of our team are true operators.”
– Ernesto Carrizosa, CEO, Managing Partner & CIO
The team then creates value through operations – something the leadership team is well-versed in. “They are a core team within our firm that actually goes into the companies and does the work, rolling up their sleeves and taking day-to-day positions.”
WM Partners follows a concentrated, control-oriented strategy focused on operational value creation. “If we do it well, it’s a home run,” says Carrizosa. The firm uses minimal leverage, capped at 35% debt-to-equity by its LPA, even when others in the space were borrowing heavily during the low-interest era. “We don’t underwrite multiple expansions, and we don’t rely on leverage to generate returns,” Carrizosa explains. “The only way to create value is through operations.”
That philosophy drives deal selection. “When we find an opportunity, we have to be convinced that we can bring value from an operational perspective—beyond just writing a check.” To date, WM Partners has acquired over 20 brands under its fund structure, maintaining a zero-loss ratio across its portfolio. “All of our companies make money. We’re value buyers and very disciplined in how we buy,” Carrizosa notes. Their equity check size is flexible, ranging from small deals to larger transactions when the fit is right.
From Entrepreneurial Roots to Strategic Scale
WM Partners was launched in 2015 by industry veterans Alejandro Weinstein and Jose Minski. A Latino-owned and operated firm (Minski and Carrizosa are Colombian, while Weinstein hails from Chile), each leader plays a distinct role. Minski brings deep operational and manufacturing experience, Weinstein serves as the global strategist, and Carrizosa focuses on deal sourcing, fundraising, and building institutional trust.
Weinstein and Minski launched the firm to capitalize on their extensive experience in the health and wellness sector. Weinstein previously ran CFR Pharmaceuticals, which he grew into a global business by acquiring similar companies in emerging markets – primarily in Asia and Latin America. In 2011, Weinstein took the company public in Chile, London, and New York – one of the largest IPOs in Chile at that time – and embarked on an emerging markets roll-up strategy. By the time he sold the company to Abbott Laboratories in 2014, CFR Pharmaceuticals had a presence in more than 26 countries.
As the former co-founder and COO of Trolli, Inc., Minski led the company from its inception as a startup venture to its eventual sale to Texas Pacific Group. During Minski’s 19-year tenure as CEO of nutritional supplements provider Wellnext (later renamed Nutranext), a company he founded, he led all the business’ acquisitions. Looking for the next venture after selling CFR, Weinstein contacted Minski, a longtime friend. The team rolled Wellnext into WM Partners’ Fund I portfolio with a plan to acquire businesses in the space and leverage its manufacturing capabilities to expand into various distribution channels and product categories to create scalability for their ensuing portfolio companies.
Carrizosa came to the U.S. for high school and later earned his degree from the Wharton School. After a brief return to his native Colombia to launch his businesses, he settled in Miami, where he has lived for over 25 years. He built a career in entrepreneurship and M&A, with deals spanning Latin America, Europe, and the U.S. Hispanic media market—including the venture that became Telemundo Studios. His path into health and wellness investing began through a long-standing relationship with fellow Colombiano Jose Minski, whom he worked for over 15 years, advising on numerous acquisitions in the vitamins, minerals, and supplements space.
With Carrizosa’s experience with institutional capital on board, the firm successfully raised its inaugural fund in 2017, garnering over $307 million in commitments. This total exceeded the $300 million target thanks to strong support from fund-of-funds, global private equity investment and advisory firms, insurance companies, and family offices. With deployable capital at the ready, WM Partners turned acquisitive.
Built for Institutions
However, before raising a single dollar, the firm invested heavily in infrastructure – spending more on the back office than it earned in management fees. From the outset, WM adhered strictly to the ILPA (Institutional Limited Partners Association) guidelines.
“We built a firm that could pass any operational due diligence—even from the largest U.S. pension funds. We were so naive, we just discovered ILPA, read the standards, and said, ‘Okay, let’s just do all of this.”
– Ernesto Carrizosa, CEO, Managing Partner & CIO
“We built a firm that could pass any operational due diligence—even from the largest U.S. pension funds. We were so naive, we just discovered ILPA, read the standards, and said, ‘Okay, let’s just do all of this.”
– Ernesto Carrizosa, CEO, Managing Partner & CIO
That rigor paid off. WM was selected as one of just 12 emerging managers—out of 200 applicants—for ILPA’s Emerging Manager Showcase, gaining visibility with top-tier institutional investors. The firm invested its Fund I in under two years and exited the entire portfolio within three, returning capital and establishing credibility. “That success gave us real momentum,” Carrizosa says.
Fund II closed at $550 million, oversubscribed and capped to avoid dilution. Already nearly fully deployed, it includes a standout exit with a 6x return. In 2023, Fund III closed at $250 million, reflecting the team’s preference for speed and discipline over size, according to Carrizosa. “We returned a major distribution to LPs before year-end,” he says. “The DPI on that fund is among the highest in its vintage.”
A Home Run in Hydration
WM’s focused approach was evident from the start. For Fund I, the firm concentrated exclusively on vitamins, minerals, and supplements—via a single platform. Critics flagged concentration risk, but WM saw an opportunity. “In a fragmented, fast-growing industry, if we built a sizable platform, strategics would be all over it,” Carrizosa says. “And we were right.”
One early bet was on hydration, a category then dominated by bottled water and sugary drinks. Spotting shifts in consumer preferences toward wellness and convenience, WM identified 11 emerging brands and established long-term relationships with their respective founders. One, Ultima Replenisher, stood out. A manufacturer of sugar-free powders designed to help replenish the body’s essential electrolytes and promote hydration, the company was too small at the time with just $3 million in revenue. Still, WM kept in touch. “We built a relationship over three years,” says Carrizosa. “I’d get calls asking for advice on ingredients, logistics, even how to handle tough buyers at Whole Foods.”
When one of Ultima’s partners wanted out, the founder came to Carrizosa—not a banker. “He asked me to recommend an advisor. I said, ‘Stop right there. What do you want to do?’ And we ended up buying the company.” By then, Ultima had grown to $10 million in revenue, and the U.S. powdered hydration market had surged from $300 million to nearly $3 billion. WM brought in its team, scaled operations, and exited two and a half years later with a 6.5x return. “We didn’t overpay because we built trust,” Carrizosa says. “It was a textbook example of our strategy: long-term relationships, operational value, and disciplined investing.”
Narrow by Design
As WM Partners continues to grow, it faces a familiar challenge: distinguishing lasting trends from fleeting fads. “The hardest part is knowing what’s real,” says Carrizosa. “CBD went from zero to a thousand brands at Expo West one year—then back to five the next. That’s a fad.” Instead, the firm focuses on categories with scientific backing and long-term relevance—such as hydration, collagen, digestive health, and omega-3s. “Collagen alone was growing 25–30% a year,” he notes. “If you underwrite at 10% and execute well, you’ll outperform.”
That growth includes talent, too. With a team now numbering over 30 professionals, WM Partners is actively bringing in new expertise to support its next phase. WM has no plans to become a generalist. “The world is too competitive and we’re too humble to think we can be experts in everything,” Carrizosa explains. Looking ahead, the firm will continue expanding within its core sectors, exploring adjacent opportunities while maintaining its disciplined, operator-first model.