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First Citizens Bank Provides $10MM to FitLife Brands for MusclePharm Acquisition

December 07, 2023, 07:52 AM
Filed Under: Nutrional Products

First Citizens Bank announced its Middle Market Banking business provided $10 million in financing to FitLife Brands Inc., a provider of innovative and proprietary nutritional supplements and wellness products, for the strategic acquisition of the sports nutrition brand MusclePharm.

The acquisition allows FitLife to grow the MusclePharm brand and enhance its profitability through a focus on online sales and expanded wholesale distribution.

"We appreciate working with the knowledgeable team at First Citizens on financing to support our acquisition of MusclePharm," said Dayton Judd, Chairman and CEO of FitLife. "MusclePharm is an iconic brand with strong domestic and international appeal and a complementary product offering, and we expect this acquisition to drive continued growth for our company."

This financing expands First Citizens' relationship with FitLife after First Citizens Middle Market Banking provided a $12.5 million term loan to support FitLife's acquisition of Mimi's Rock earlier this year.

"We value our relationship with FitLife and are pleased to work together again on financing for this strategic acquisition," said Travis Flodine, a Managing Director at First Citizens. "We look forward to supporting FitLife's future endeavors as they continue to advance in the sports nutrition and wellness industry."

First Citizens Middle Market Banking delivers a range of financial solutions to midsize clients through a relationship banking model. The business offers deposit solutions, loans, treasury services and other banking products to manufacturers, distributors and a wide variety of service industries.

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