PITTSBURGH, Dec 5, 2003 (BUSINESS WIRE) -- General Nutrition Companies, Inc. (GNC) announced today that Apollo Management, L.P. has successfully completed its previously announced acquisition of GNC from Royal Numico N.V.
"This is a great day for GNC," said Lou Mancini, GNC's president and chief executive officer. "We believe that the Apollo acquisition will benefit the entire company, from our manufacturing, distribution and retail operations to our employees and franchise operators. Apollo made this investment because it sees tremendous value in the power of the GNC brand. We look forward to working closely with Apollo and leveraging their expertise in retailing as we take the company to the next level."
General Nutrition Companies, Inc. (GNC), based in Pittsburgh, PA, is the largest global specialty retailer of nutritional supplements, which include sports nutrition products, diet products, VMHS (vitamin, mineral and herbal supplements) and specialty supplements. GNC operates more than 5,000 retail locations throughout the United States, including over 1,300 domestic franchise locations, and locations in over 30 foreign markets including Canada and Mexico.
Apollo Management, L.P., founded in 1990, is among the most active and successful private investment firms in the U.S. in terms of both number of investment transactions completed and aggregate dollars invested. Since its inception, Apollo has managed the investment of an aggregate of approximately $13 billion in equity capital in a wide variety of industries, both domestically and internationally.