Hi-Tech Pharmaceuticals Acquires LG Sciences
NORCROSS, Ga., Aug. 18, 2015 /PRNewswire/ -- Hi-Tech Pharmaceuticals ("Hi-Tech"), a leading global provider of Sports Nutrition, Weight loss products, and Contract Manufacturing services, and LG Sciences ("LG"), one of the premier Sports Nutrition and Bodybuilding brands in the United States, today announced that Hi-Tech has acquired LG Sciences brand of Sports Nutrition products and Bodybuilding products. The transaction will continue to bolster Hi-Tech's leading Sports Nutrition and Weight Loss arsenal and expand its position as the leader in Diet & Energy products and continues to add to its family of top tiered Sports Nutrition brands.
When LG Sciences (Legal Gear) was established about a decade ago, and over the years, LG Sciences has led the Sports Supplement industry in bodybuilding products, quality and innovation. LG Sciences is committed to introducing new, effective, and "Hardcore supplements backed by science™. Supplements that are backed by science and based on the concept of enhancing lean muscle mass and physical performance. LG Sciences was born out of the need for a quality, no-nonsense line of hardcore bodybuilding supplements designed for elite athletes. Unable to find products that met their standards in the mid 2000's, the company's founders created LG Sciences, with the goal of developing unsurpassed nutritional formulas to meet the demands of hardcore, competitive athletes and fitness enthusiasts.
LG Sciences employs a team consisting of a biochemist, chemical engineer, chemists, and many supplement experts to formulate all of our products. Innovation: LG Sciences continues to release a host of new compounds, many with patents pending, to take your training to the next level. All of our bodybuilding products are based on extensive research by well-respected experts. At LG Sciences, we have positioned ourselves for the future. We have developed a solid base of loyal customers who value the results of our products. Many of LG Sciences upcoming products were developed based on the feedback of our customers and retailers. Thanks to you, our customers. The future of LG Sciences is looking even brighter, with more great products and innovation now that we are joining the Hi-Tech Pharmaceuticals team.
LG Sciences has been providing high-quality sports nutrition products to professional bodybuilders, elite athletes and fitness enthusiasts for a decade. LG Sciences has helped pioneer a sports-specific approach to athletes' and bodybuilders nutrition. 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 profit margins due to ability to bring the production of Innovative products to our industry-leading manufacturing facilities."
As a leading provider of premium Bodybuilding products in the sports nutrition category, LG Sciences brands align with the company's continued focus on Sports Supplements, while further diversifying the Hi-Tech portfolio. Innovative products such as 1-Androstenolone™, 6-MASS™, 17-ProAndro, EpiAndro™, M-1D Andro™, FORM-XT™, Natadrol™, Whey Pro , and EPIC™- some of the top Bodybuilding and Sports Nutrition Aids in the industry, which will continue to bolster our Sports Nutrition and Bodybuilding portfolio such as: Anavar®, Dianabol®, Bulasterone®, Testosterone Depot®, Estrogenex®, Jack'D UP™, NitroPro®, and Phosphagen®.
Over the years, 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 option due to our massive manufacturing platform," 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. We will also be able to offer energy shots and ready-to-drink beverages, and being able to offer our customers access to manufacturing and distribution facilities in Atlanta, Georgia and Reedsville, Pennsylvania 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 400,000 square feet of manufacturing space. "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 & Energy Aids," says Wheat.
Other nutrition companies looking to increase scale, revenue, market share, and competitive advantage have also been active with mergers and acquisitions. 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 M&A activity. In 2015, Hi-Tech has acquired Advanced Pharmaceuticals and Nutritionals, FormuTech Nutrition, Sports One®, Innovative Laboratories and with the most recent acquisition by Hi-Tech of LG Sciences it is the fifth acquisition for Hi-Tech and will not be the last of the year.
About Hi-Tech Pharmaceuticals
Hi-Tech Pharmaceuticals (https://www.hitechpharma.com/index.htm) is a leading Sports Nutrition manufacturer. Since 1979, Hi-Tech Pharmaceuticals, Inc. and its sister company, Hi-Tech Nutraceuticals, LLC. have been providing quality custom manufacturing services to the pharmaceutical, dietary supplement and beverage industries. Hi-Tech Pharmaceuticals is a cGMP certified company that operates out of Four (4) US Production facilities and (2) Warehouses, totally over 400,000 sq. ft. The two Georgia based production facilities are both located outside Atlanta in the Norcross and Suwanee Advanced Technology areas. Hi-Tech also has Two (2) facilities located outside State College, Pennsylvania. Hi-Tech holds a Drug Manufacturing License issued by the State of Pennsylvania Food and Drug Branch and is registered as a Food and Drug Establishment with the FDA in Pennsylvania.
Hi-Tech's acquisition of Nittany immediately doubled Hi-Tech's solid dose and powder square footage. The former Nittany facility is a 130,000 sq. ft. modern facility and was a full-service contract manufacturer that enjoyed continuous growth over the past 36 years in the nutrition and pharmaceutical industry. Another advantage of buying Nittany Pharmaceuticals was their intimate knowledge of liquid products. In 2008 Nittany purchased a 70,000-square-foot facility, which was a former Dean Foods facility in Bellville, Pennsylvania to add to their already growing liquid dietary supplements and beverages. As industry's leading energy drink manufacturers for nearly over a decade, Nittany had the knowledge, experience and resources necessary to create Hot & Cold fill liquid drinks from 8 ounce to 32 ounces. "Hi-Tech had never been a beverage contract manufacturing company or handled many liquid products until the acquisition of Nittany. Now with the acquisition of Nittany - Hi-Tech is able to provide a full service of beverage co-packing services, including research and development, raw material procurement, product development, bottle filling, finished packaging, warehousing, and much more," said Wheat.
Hi-Tech Pharmaceuticals is a leading global healthcare supplier that develops, manufactures and distributes over-the-counter (OTC) and prescription pharmaceuticals, nutritional products, and consumer products. Hi-Tech Pharmaceuticals is one of the world's leading generics and branded pharmaceutical companies, providing products to customers throughout the world. The company maintains one of the industry's broadest and highest quality product portfolios, which is regularly bolstered by an innovative and robust product pipeline. Hi-Tech Pharmaceuticals has attained leading positions in key international markets through its wide array of dosage forms and delivery systems, significant manufacturing capacity, global commercial scale and a committed focus on quality and customer service. The company ranks among the top generics companies in several markets around the world and has among the largest capacity of U.S.-based manufacturers.
Hi-Tech Pharmaceuticals is an enormously successful company that creates, manufactures and sells high-quality products sold by the large, major retailers across the United States. These retailers include: GNC, Rite Aid, Albertson's, CVS, Duane Reade, Hannaford, Cardinal Health, McKesson, Mclain, Winn-Dixie, Harmon Stores, Fred Meyer, Osco Drugs, Supervalu, Roundy's, Sav-On Drugs, Meijer, Fruth Pharmacy, Kinney Drug, Kinray, A&P, Kmart, Amazon.com, Drugstore.com, and over 5,000 independent drug stores, as well as in more than 80,000 convenience stores throughout the United States.