Mr. Jared Wheat, principal owner of Hi-Tech Pharmaceuticals acquires co-ownership of Gaspari Nutrition
- 28 Apr, 2016
LAKEWOOD, N.J., April 28, 2016 /PRNewswire/ -- Mr. Jared Wheat principal owner of Hi-Tech Pharmaceuticals has acquired co-ownership of Gaspari Nutrition, a premium and market-leading U.S. sports nutrition company. Under this new ownership arrangement, Gaspari Nutrition will become a vertically integrated organization utilizing Hi-Tech's manufacturing facilities and state-of-the-art in-house supply chain management capabilities. Gaspari Nutrition will also get back to innovation with the re-launch of several of its flagships like Halodrol, Novedex XT, Plasmajet, and SuperPump 250. Gaspari Nutrition also plans to launch several more groundbreaking products in the months to come including a new, patented hydrolyzed whey protein with embedded enzyme technology.[article-end-block-up]
Hi-Tech Pharmaceuticals is an industry leading manufacturer of dietary supplements holding eight (8) different sports nutrition brands under its banner. Since1979, Hi-Tech Pharmaceuticals, Inc. and its sister company, Hi-Tech Nutraceuticals, LLC., have been providing quality contract 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 based production facilities and two (2) warehouses, with over 400,000 sq. ft. in total area. The two Georgia based production facilities are located outside Atlanta in the Norcross and Suwanee Advanced Technology park. Hi-Tech also has two (2) manufacturing facilities located near State College, Pennsylvania. Hi-Tech Pharmaceuticals 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 Pharmaceuticals supply chain management and production facilities are a perfect strategic fit. This new ownership arrangement underscores our goal of bringing Gaspari Nutrition back to a position of leadership in the global sports nutrition industry," Gaspari CEO, Rich Gaspari, said in a statement on Friday.
Gaspari Nutrition's ability to capitalize on this synergy only made sense as Hi-Tech was already one our primary contract manufacturers. Hi-Tech will help grow Gaspari by providing extraordinary infrastructure for discovering, developing and delivering innovative sports supplements and health care solutions essential to addressing unmet training, physique development and performance supplements needs... "Hi-Tech's impeccable reputation for pharmaceutical-grade quality, strong innovation and manufacturing expertise make it a perfect complement to our business. Additionally, having access to their extensive production capabilities including formats, such as energy shots and ready-to-drink beverages, will significantly increase Gaspari Nutrition's ability to introduce innovative and different types of products. Gaspari Nutrition will also gain a competitive advantage by being able to utilize Hi-Tech's distribution facilities in Atlanta, Georgia and Reedsville, Pennsylvania." The new ownership agreement, in combination with an expansive capital investment program, will create a world-class sports nutrition company that will have an industry leading manufacturing and supply chain management arrangement providing substantial competitive advantages across the board."
Gaspari Nutrition was founded by International Federation of Bodybuilding and Fitness Hall of Fame member Rich Gaspari in 1999. Rich has been involved in the bodybuilding and fitness field for more than 30 years. He excelled as a top professional bodybuilder from the mid 80's through the 90's, winning Mr. America (now known as the NPC Nationals), Mr. Universe, Professional Mr. World, and is a three-time runner up for the most coveted title in professional bodybuilding: Mr. Olympia.
After retiring from professional bodybuilding, Rich began developing his own line of quality supplements and built one of the most formidable and respected brands in the world, Gaspari Nutrition, reaching sales of $85 million per year. The company continues to sell through retailers, such as The Vitamin Shoppe, and through online sites such as bodybuilding.com.
Rich Gaspari, founder of Gaspari Nutrition, commented, "The last 24 months have seen a period of restructuring and reorganization. I am delighted to announce this partnership for Gaspari Nutrition. This strategic combination will provide the visionary support needed to propel and highlight the Gaspari Nutrition brand as still being a world-leading sport nutritional brand, while strengthening our global appeal and visibility."
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, Kroger, Winn-Dixie, Albertson's, CVS, Duane Reade, Hannaford, Cardinal Health, McKesson, Harmon Stores, Fred Meyer, Osco Drugs, Supervalu, Roundy's, Sav-On Drugs, Meijer, Fruth Pharmacy, Kinney Drug, Kinray, USA Drugs, 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.
"The combination of these two great companies accelerates Hi-Tech's Sports Nutrition growth strategy, substantially boosts our Sports Nutrition portfolio and diversifies our business stream," stated Hi-Tech Chairman, President and CEO Jared Wheat. "We believe this strategic transaction will enhance our industry-leading Sports Nutrition position by expanding market opportunities. Gaspari brings strong relationships to enhance our position with Sports Nutrition distributors, and a highly experienced management team to support Hi-Tech's continued growth." Hi-Tech expects this merger to widen its customer base in the sports nutrition field and strengthen its bodybuilding presence. Wheat continued, "Our strong operational structure and aggressive acquisition strategies have enabled the continued growth of our Sports Nutrition business and will increase profit margins due to ability to bring all the production of Gaspari products to our industry-leading manufacturing facilities. "The combination of Gaspari and Hi-Tech provides a powerful opportunity to transform our industry. It will produce the world's premier Sports Supplement company whose distinct blend of Muscle & Strength products, Weight loss aids and Protein production positions it for success in a dynamic global Sports Nutrition environment. Our geographic presence in the United States and most of the world's developed and developing countries will be unrivaled. Rich and I believe we can better execute our strategy and can accomplish far more together in the years ahead than either company could have achieved on its own."