GNC Acquisition Holdings Ltd, which is backed by Ares Management Inc and the Ontario Teachers’ Pension Plan, has filed for a $350 million IPO. GNC was bought from Apollo Management in March 2007 for $1.65 billion. It will issue Class A common shares. GNC, based in Pittsburgh, sells a range of health products and reported net income of $25.4 million dollars in the April-June quarter, on revenue of $455.7 million.
(Reuters) – GNC Acquisition Holdings Inc, a specialty retailer of health and wellness products, filed for a $350 million initial public offering of its Class A common shares.
The company said it intends to use the net proceeds for working capital and general corporate purposes.
GNC said it sells vitamins, minerals and herbal supplements products, sports nutrition and diet products through its worldwide network of more than 7,100 locations and its GNC.com website.
The company’s proprietary brand include Mega Men, Ultra Mega, WELLbeING, Pro Performance and Pro Performance AMP.
For the April-June quarter, the Pittsburgh-based company reported net income of $25.4 million, on revenue of $455.7 million.
Goldman Sachs & Co and JP Morgan Securities will underwrite the offering, the company said in a regulatory filing.
(Reporting by NR Sethuraman in Bangalore; Editing by Gopakumar Warrier)