Heritage Advises Gaspari Nutrition in Asset Sale to Allegro
Heritage Equity Partners announced it acted as the investment banker to Gaspari Nutrition in the recently approved sale of substantially all of its assets to a subsidiary of Total Produce, Allegro Nutrition. The sale was effectuated through a Chapter 11 Section 363 process and was approved by the Bankruptcy Court in the District of New Jersey on December 5, 2014 and is expected to close within ten business days.
Heritage Equity Partners was retained in late July as Gaspari’s investment banker to explore a sale of substantially all of the company’s assets. HEP gained agreement from Gaspari’s lender, Crestmark, to continue to finance operations, and eventually, to provide Debtor In Possession financing when the company filed for protection under Chapter 11.
Lakewood, NJ-headquartered Gaspari has been a developer and distributor of sports nutrition supplements since its founding in 1999 by International Federation of BodyBuilding and Fitness Hall of Fame member, Rich Gaspari.