First Citizens Bank’s middle-market banking business provided $10 million in financing to FitLife Brands, a provider of proprietary nutritional supplements and wellness products, for the acquisition of the sports nutrition brand MusclePharm.
The acquisition allows FitLife to grow the MusclePharm brand and enhance its profitability through a focus on online sales and expanded wholesale distribution.
“We appreciate working with the knowledgeable team at First Citizens on financing to support our acquisition of MusclePharm,” Dayton Judd, chairman and CEO of FitLife, said. “MusclePharm is an iconic brand with strong domestic and international appeal and a complementary product offering, and we expect this acquisition to drive continued growth for our company.”
This financing expands First Citizens’ relationship with FitLife after its middle-market banking business provided a $12.5 million term loan to support FitLife’s acquisition of Mimi’s Rock.
“We value our relationship with FitLife and are pleased to work together again on financing for this strategic acquisition,” Travis Flodine, managing director at First Citizens, said. “We look forward to supporting FitLife’s future endeavors as they continue to advance in the sports nutrition and wellness industry.”
