BPI Sports and Hi-Tech Pharmaceuticals Complete First Prepackaged Chapter 5 and Promptly Emerge Positioned for Long-Term Growth
01 Dec 2023
Acquisition
NORCROSS, Ga., Dec. 1, 2023 /PRNewswire/ -- BPI Sports LLC ("BPI Sports"), a global manufacturer and marketer of dietary supplement products, announces that it has been acquired by Hi-Tech Pharmaceuticals, which has been BPI's primary contract manufacturer for over a decade. The recapitalization of money to BPIBPI by Hi-Tech was implemented through a prepackaged Chapter 5 process in the United States, which is thought to be the first Chapter 5 "prepack" and was financed by Hi-Tech Pharmaceuticals and existing sales. "Today marks an important moment in BPI's history and evolution," said Chris Mckenzie, CEO of BPI, in a statement. "We look forward to unlocking the full potential of our globally recognized brand and continuing to offer our customers the iconic products they have loved for over a decade, and launch new, innovative products in the near future."
Hi-Tech Pharmaceuticals ("Hi-Tech"), a leading global provider of Sports Nutrition, Weight loss products, Healthcare supplements and Contract Manufacturing services, acquired BPI Sports, a leader in the design, development, marketing and distribution of scientifically advanced, safely sourced, high quality and effective nutritional supplements. The company is known for creating innovative products using the best of what science has studied and nature has to offer. The transaction will continue to bolster Hi-Tech's leading Sports Nutrition and Weight Loss arsenal and expand its position as a top player in protein and amino acid products and continues to add to its family of top tiered high quality Nutrition brands.
"BPI Sports is ready and fully able to succeed in this dynamic and constantly changing dietary supplement industry," said Chris Mckenzie in a statement. Hi-Tech Vice-President Brandon Schopp commented, "Hi-Tech's impeccable reputation for pharmaceutical-grade quality, strong innovation and manufacturing expertise make it a perfect complement to BPI Sports brand of high quality nutrition products. Additionally, having access to our extensive production capabilities across a variety of product formats is a significant competitive advantage." The acquisition, in combination with an expansive capital investment program, will create world-class formulation, product development and production capabilities across in excess of 600,000 square feet of manufacturing space. "Compliance and enforcement have raised the bar for manufacturers, and this acquisition continues to bolster Hi-Tech's brand portfolio. Hi-Tech is a top-tiered company with an incredible manufacturing scale and capabilities in an otherwise fragmented segment of the market. Hi-Tech and its Sports Nutrition and Healthcare brands will be a one-stop shop for Sports Nutrition stores," said Schopp.
Hi-Tech has been able to increase its market share in the United States through the acquisition of Florida-based Synergy Nutritional Industries in 2005, and gained a larger market share when it acquired Advanced Performance Supplements ("APS") in 2011. Hi-Tech gained further industry dominance when it acquired Nittany Pharmaceuticals in Pennsylvania and ALR Industries in California in 2012. Hi-Tech's recent strategy has been, and according to its leaders will continue to be, growth through Merger and Acquisition activity. In 2015, Hi-Tech acquired Advanced Pharmaceuticals and Nutritionals in Mexico, FormuTech Nutrition, Sports One, Innovative Laboratories and LG Sciences. In 2016-2017, Hi-Tech acquired iForce Nutrition, Prime Nutrition, Advanced Muscle Science ("AMS"), and Top Secret Nutrition. In recent years, Hi-Tech has also acquired Experimental and Applied Sciences ("EAS'), USP Labs, and launched its Nature's Essential brand of healthcare products based upon its proprietary Cyclosome ™ Technology.
Contact:
Brandon Schopp
4046174483
369450@email4pr.com
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