Hi-Tech Pharmaceuticals acquires LG Sciences
Company adds to its premium line up of sports nutrition brands
Hi-Tech Pharmaceuticals, a leading global provider of sports nutrition, weight loss products and contract manufacturing services, and LG Sciences, one of the premier sports nutrition and bodybuilding brands in the United States, have announced that Hi-Tech has acquired LG Sciences brand of sports nutrition and bodybuilding products.
The transaction will continue to bolster Hi-Tech's leading sports nutrition and weight loss arsenal, expand its position as the leader in diet and energy products and continues to add to its family of top tiered sports nutrition brands.
'The acquisition of the LG Sciences brand of bodybuilding and sports nutrition products accelerates Hi-Tech's growth strategy, substantially boosts our bodybuilding and sports nutrition portfolio and diversifies our business stream,' stated Hi-Tech, President and CEO, Jared Wheat. 'We believe this strategic transaction will enhance our industry leading innovative bodybuilding and sports nutrition position by expanding market opportunities.'
'We manufacture products for many of the leading sports nutrition brands, as well as our own family of brands, and believe we can add a lot of innovation to an already hardcore bodybuilding line.' Wheat continued: 'Our strong operational structure and aggressive acquisition strategies have enabled the continued growth of our sports nutrition and weight loss business and will increase our profit margins.'LG Sciences has led the nutritional supplement industry in new-to-market ingredients, quality and is amongst the leaders with product innovation. LG Sciences has also built lasting and profitable relationships with their private label customers, which is something LG Sciences began offering a few years ago. 'This will tie in nicely with Hi-Tech's goals and growth and offer LG Sciences private label customers many more options,' said Wheat.
Brandon Schopp, Vice-President of Contract manufacturing with Hi-Tech, commented: 'Hi-Tech's impeccable reputation for pharmaceutical-grade quality, strong innovation and manufacturing expertise make it a perfect complement to LG Sciences brand of sports nutrition products. Additionally, having access to our extensive production capabilities across a variety of product formats such as liposomal technology, Cyclosome technology that combines cyclodextrin and liposomal delivery systems, and time-released monolithic osmotic pump (TMOP) delivery systems.'
'Compliance and enforcement have raised the bar for manufacturers, and this merger creates 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 brands will be a one-stop shop for sports nutrition stores,'said Schopp.
'LG Sciences products will serve as a growth catalyst for our sports supplement segment, providing this division with another leading brand in the high-growth sports nutrition category,' said Steve Smith, Executive Vice President at Hi-Tech Pharmaceuticals. 'The acquisition of LG Sciences expands our offerings of hardcore sports supplements, and broadens our appeal with younger consumers,' said Smith.
'Hi-Tech remains true to the principals that the company was built on - innovation, quality and consistency — and will always be dedicated to ensuring that these principals remain uncompromised. Hi-Tech will continue to provide the finest quality, innovative, science-based sports nutritional supplements and diet and energy aids,' says Wheat.