GNC Sale to Apollo Partners Final
Published: Friday, December 12, 2003
Royal Numico N.V. officially sold General Nutrition Co. (GNC) to private investment firm Apollo Management on Dec. 4 for $750 million. According to a Dec. 5 article in the Pittsburgh Post-Gazette, Apollo hasn't voiced its plans for GNC. However the investment firm “has a track record of keeping a low profile and working with management to improve results,” according to the Post-Gazette article. The company's executive team is comprised of former GNC executives.
"Apollo made this investment because it sees tremendous value in the power of the GNC brand," states GNC President and CEO Lou Mancini in the article.
When the sale was announced in October, Numico CEO Jan Bennink said the divestment would benefit Numico in many ways. “It will significantly reduce the risk level, both financially and operationally, provides us with more financial flexibility and allows management to focus completely on maximizing profitable growth," stated Bennink stated in an October Associated Press article.