Hi-Tech Pharmaceuticals is in the process of acquiring BPI Sports after going bankrupt.
In September, BPI Sports announced that it was going bankrupt. Just a few months later, the brand is being acquired by supplement company Hi-Tech Pharmaceuticals, via news shared by the organization.
On Sept. 18, BPI Sports officially filed for bankruptcy. This was over two months ahead of a Nov. 27 deadline. BPI Sports, a company that produces many different nutrition products and supplements, has worked with some of the top names in fitness, such as Mike O’Hearn, Jay Cutler, Kamal Elgargni, and India Paulino. O’Hearn was among a list of creditors, along with many employees and those who are owed money by the company.
This acquisition gives BPI Sports a chance to continue manufacturing some of its top products along with bringing on new ones in the future. Hi-Tech has become known for creating products and using science studied to find out what is best for existing products and others for future use.
View this post on Instagram
Hi-Tech Acquires BPI Sports
Hi-Tech Pharmaceuticals is a sports nutrition company that began in 1979. Since then, they have provided manufacturing services to pharmaceutical, dietary, and beverage industries. It has manufactured and sold many products over the years to be sold at major retailers including Amazon, GNC, Rite Aid, and Vitamin Shoppe.
BPI Sports CEO Chris McKenzie put out a statement calling this an “important moment” in the company’s history.
“Today marks an important moment in BPI’s history and evolution. We look forward to unlocking the full potential of our globally recognized brand and continuing to offer our customers the iconic products they have loved for over a decade, and launch new, innovative products in the near future.”
In 2005, Hi-Tech was able to increase its market share in the U.S. after acquiring Synergy Nutrition Industries. In 2011, this happened once again with the addition of Advanced Performance Supplements.
Over the last decade, Hi-Tech has acquired many other companies. This list includes Advanced Pharmaceuticals and Nutritionals (2015), iForce Nutrition (2016-17), Prime Nutrition (2016-17), and Top Secret Nutrition (2016-17), among others. Now, BPI Sports has been added to the list as Hi-Tech looks to expand further while allowing BPI to continue manufacturing.
For more news and updates, follow Generation Iron on Facebook, Twitter, and Instagram.
