FitLife Brands has closed the previously announced acquisition of Irwin Naturals, following approval from the US Bankruptcy Court for the Central District of California.
Under the terms of the deal, FitLife acquired almost all of Irwin’s assets for a total of $42.5m.
The company financed $35.75m of the total consideration through a new loan and credit line from First Citizens Bank, and the remaining amount from available cash.
The combined entity is expected to generate over $120m in revenue and an adjusted EBITDA of $20m to $25m in its first year.
Established in 1994, Irwin Naturals is a nutraceutical company based in Los Angeles, specialising in natural products and supplements.
Its offerings are available through major retailers like Vitamin Shoppe, Costco, and Walmart, as well as online platforms.
Currently, Irwin is expanding into cannabis and mental health psychedelics, positioning itself as a pioneer in these emerging sectors.
FitLife Brands develops and markets nutritional supplements and wellness products, sells over 250 products primarily online and through franchise and retail locations.
The company plans to enhance Irwin’s e-commerce capabilities to enhance revenue and improve margins.
FitLife anticipates $1.5m in selling, general, and administrative expenses (SG&A) savings from operational synergies and will retain about 50 Irwin employees.
FitLife chairman and CEO Dayton Judd said: “We are excited to close this acquisition. Irwin has incredible brands with strong distribution, supported by an amazing team. We expect Irwin to drive revenue and earnings growth for the company.”
