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OMAHA - FitLife Brands, Inc. (Nasdaq:FTLF), a $136 million market cap company with $63.9 million in annual revenue, announced Monday it has completed the acquisition of substantially all assets of Irwin Naturals and its related affiliates for $42.5 million.
The transaction, closed on August 8, was previously approved by the US Bankruptcy Court for the Central District of California under Section 363 of the US Bankruptcy Code. FitLife assumed minimal liabilities as part of the deal.
The nutritional supplements provider funded the acquisition with $35.75 million from a new term loan and revolving line of credit from First Citizens Bank, with the remainder coming from its available cash reserves.
"We are excited to close this acquisition. Irwin has incredible brands with strong distribution, supported by an amazing team," said Dayton Judd, FitLife’s Chairman and CEO, in a press release statement.
FitLife Brands develops and markets over 250 nutritional supplements and wellness products, primarily through online channels but also via GNC franchise locations and various retail outlets.
The company expects the acquisition to drive revenue and earnings growth, according to the announcement. The transaction represents a significant expansion for FitLife, which is headquartered in Omaha, Nebraska.
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