New Directions Aromatics Expands Executive Team
Names Steve Diakowsky CEO and Dave Woolley CFO
TORONTO — New Directions Aromatics (New Directions), a leading supplier of natural ingredients to the cosmetics, health and beauty, and personal care markets, today announced the expansion of its executive team, naming Steve Diakowsky as Chief Executive Officer (CEO) and Dave Woolley as Chief Financial Officer (CFO). Former CEO and Founder of New Directions, Alex Thomas, will remain active on the Board of Directors and continues to be an owner of the Company.
“I have been fortunate to work with and grow our team at New Directions for the last 20 years. I am confident that Steve and Dave are the right executives to lead us during our next phase of growth,” said Alex Thomas, former CEO and Founder of New Directions.
“Steve and Dave are the ideal leaders for New Directions,” said Gerald Sheehan, Partner at TruArc Partners, which invested in New Directions in January 2022. “Their collective leadership and strategic execution experience will help New Directions capitalize on key growth opportunities.”
Steve Diakowsky joins New Directions after most recently serving as President and CEO of Freshstone Brands. He has over 25 years of management and senior leadership experience. Prior to his role at Freshstone Brands, Mr. Diakowsky was President and CEO at Taste of Nature Foods and The Allan Candy Company.
“Throughout his career, Steve has demonstrated his ability to manage complex organizations and unlock value,” said Don Sturdivant, Co-Chairman and Operating Partner at TruArc Partners. “Steve has successfully developed and executed on strategic initiatives including business transformations, divestitures and integrating acquisitions. This experience will be invaluable to New Directions as we implement our growth strategy.”
“I am extremely excited to be joining the New Directions platform,” said Mr. Diakowsky. “I am impressed with how comprehensively New Directions serves its customers and I look forward to working with the team to expand the client base, value-added capabilities and technology systems.”
Dave Woolley brings over 25 years of finance and strategy experience to New Directions. Mr. Woolley was previously the CFO at Freshstone Brands, working closely with Mr. Diakowsky. Over the course of his career, he’s worked in several finance and strategy roles, predominantly in consumer-packaged goods companies. Prior to joining Freshstone Brands, Mr. Woolley served as Vice President, Finance at Taste of Nature Foods and Shaw Media. He has also held progressively senior management positions with Cadbury Schweppes in North America and Europe.
“Dave brings a breadth of financial leadership experience to New Directions with a comprehensive understanding of mergers and acquisitions as well as developing and implementing complex processes and systems,” said John Schweig, Co-Chairman and Operating Partner at TruArc Partners.
“New Directions is an exciting platform for growth, and we see many opportunities for organic expansion and strategic acquisitions. We look forward to executing on this plan,” said Dave Woolley, CFO, New Directions.
About New Directions Aromatics
New Directions Aromatics is a leading supplier of wholesale natural and organic raw materials to the cosmetics, health and beauty, and personal care industries. Founded in 1998, the Company is a leading supplier of essential oils, carrier oils, butters, botanical cosmetic bases, botanical liquid extracts and numerous other natural and organic raw material ingredients. New Directions is differentiated in the marketplace by its focus on customer service and its ability to offer a “one-stop shop” solution to customers including individual consumers, small and medium businesses, and Fortune 500 companies. The Company utilizes a fully integrated e-commerce business model for product distribution. To learn more about New Directions Aromatics visit https://www.newdirectionsaromatics.com/.
About TruArc Partners
TruArc Partners is a private equity firm focused on middle-market control investments. TruArc focuses on companies in attractive sub-sectors across Specialty Manufacturing and Business Services. The TruArc investment team collaborates with its operating partners and portfolio management teams to create value through a transformational growth strategy led by organic or acquisition-driven growth. To learn more about TruArc visit www.truarcpartners.com.
Press contact:
Abby Aylman Cohen
Greentarget
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