Hi-Tech enhances weight loss portfolio with FormuTech acquisition

NORCROSS, Ga. — Hi-Tech Pharmaceuticals on Wednesday announced its acquisition of FormuTech, a leading provider of premium weight loss and bodybuilding products in the sports nutrition category. FormuTech produces Lean EFX, a weight loss aid, for example.

 

"The combination of these two great companies accelerates Hi-Tech's Sports Nutrition growth strategy, substantially boosts our Sports Nutrition portfolio and diversifies our business stream," stated Jared Wheat, Hi-Tech chairman, president and CEO. "We believe this strategic transaction will enhance our industry-leading sports nutrition position by expanding market opportunities. FormuTech brings strong relationships to enhance our position with sports nutrition distributors, and a highly experienced management team to support Hi-Tech's continued growth."

 

"Lean EFX products will serve as a growth catalyst for our weight loss segment, providing this division with another leading brand in the high-growth sports nutrition category," added Steve Smith, EVP Hi-Tech Pharmaceuticals. "The acquisition of FormuTech expands our offerings of mainstream, weight loss and sports nutrition products, including protein-rich foods, and broadens our appeal with younger consumers."