NEW YORK, New York, U.S. — GenTech Holdings, Inc., an emerging leader in the high-end food and drinks marketplace, announced that the Company is in the process of acquiring all of the assets, including inventory, revenues, goodwill, intellectual property, trade secrets, and trading relationships of this top-5 functional food brand currently sold in GNC stores, distributed by Europa Sports and available in more than 10 countries worldwide.
The Purchase Agreement (the “Agreement”) represents a comprehensive asset acquisition in a cash deal. Further details of the transaction are under embargo until Thursday 11th June where full details will be released although the Company intends to update the market as further details are available.
The products of the acquisition target produce are widely available across North America and are being distributed domestically to over 10,000 stores and websites of one of the largest supplemental distributors in the world.
The acquisition target produced over 2.2 million in revenues in 2019.
“This acquisition has a tremendous synergistic element that enhances our current business model right now, with substantial revenues and a brand that vertically integrates perfectly in the GenTech model,” commented David Lovatt, CEO of GenTech. “Their CEO is a rock star in the space who has built something here with huge potential. It perfectly complements with our identity as a high-end, gourmet brand model.”
The products that GenTech are acquiring are in the high protein caffeinated & non-caffeinated functional food arena and have consistently received industry leading reviews and feedback. Shareholders will be updated as the embargo is lifted.
Lovatt continued, “Since the outbreak of Covid-19, their business has done a great job of maintaining market positioning and brand momentum. Most of the business has been converted to an online model, which is driving a jump in Amazon and Direct to Consumer sales of their products. We feel this seamless transition to online/direct sales is likely to be a sticky result and represents the wave of the future.”
