Martek Biosciences To Buy Amerifit Brands
January 22, 2010 (FinancialWire) — Martek Biosciences Corp. (NASDAQ: MATK) said it has entered into an agreement to purchase Amerifit Brands Inc., a consumer health and wellness company, from Charterhouse Group, Inc. in an all-cash transaction valued at $200 million, subject to working capital adjustments.
Amerifit Brands develops, markets and distributes branded consumer health and wellness products focused on women’s and digestive health benefits. The company’s products are sold in most mass, club, drug, grocery and specialty stores.
Under the terms of the transaction, Martek will pay consideration of $200 million, subject to working capital adjustments, of which $120 million will be paid from Martek’s current cash reserves and the remainder from a new credit facility, which has been established by Martek.
Martek said it expects the transaction to be accretive to Martek’s earnings in fiscal 2010. Expense synergies are not expected. The transaction is scheduled to close in Martek’s second fiscal quarter.
Martek Biosciences is engaged in the development of omega-3 DHA products.
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