BOCA RATON, Fla., Jan. 10 /PRNewswire/ -- Rexall Sundown, Inc.
(Nasdaq: RXSD) today announced that it has completed its previously announced
$108 million acquisition of MET-Rx Nutrition, Inc., a leader in the sports
nutrition and bar categories.
The transaction is expected to be slightly accretive to Rexall Sundown's
earnings in the current fiscal year ending August 31, 2000 and was financed by
a revolving line of credit. Based in Irvine, Calif., MET-Rx is recognized for
its leading, national branded sports nutrition supplements including
MET-Rx(R) powdered protein drink mixes, MET-Rx Protein Plus(TM), Source
One(TM) and MET-Rx Natural Krunch food bars and other sports nutrition
supplements.
Damon DeSantis, Rexall Sundown's President and Chief Executive Officer
commented, "We are pleased to finalize this acquisition which is consistent
with our goal to further strengthen Rexall Sundown's leadership position in
the nutrition industry through diversification in product categories, delivery
forms and distribution channels. Specifically, this strategy includes entry
into the fast-growing functional foods and bar segments, as well as the sports
nutrition sector of the business. MET-Rx is one of the most widely respected
companies in these arenas and we are proud to have its management and employee
team become an integral part of the Rexall Sundown corporate family."
Dr. A. Scott Connelly, Chairman and Chief Technical officer of MET-Rx
added, "The partnership forged by this merger creates a strong, strategic
alliance that offers great opportunity to leverage our resources and
accelerate distribution and expansion in all channels of trade." The
principal shareholders of MET-Rx were Dr. Connelly and affiliates of the
Shansby Group, a San Francisco-based private equity partnership.
Rexall Sundown, Inc. (Nasdaq: RXSD) develops, manufactures, nal supplements and other consumer health
products. Visit the Company's website at http://www.rexallsundown.com .
This Press Release may contain "forward-looking statements" as such term
is defined in the Private Securities Litigation Reform Act of 1995 or by the
Securities and Exchange Commission in its rules, regulations and releases,
which represents the Company's interpretation or beliefs. These forward-
looking statements, by their nature, involve substantial risks and
uncertainties, certain of which may be beyond the Company's control and actual
results may differ materially depending on a variety of important factors
including uncertainties related to acquisitions, government regulation,
managing and maintaining growth, the effect of adverse publicity, litigation,
reliance on independent distributors of Rexall Showcase International,
competition and other factors described in the Company's filings with the
Securities and Exchange Commission.
SOURCE Rexall Sundown, Inc.
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Related links:
http://www.rexallsundown.com
CONTACT:
Investors, Donna Conners, or Press, Carol
W00, or General, Karen Griffiths, or Analysts, Vanessa Schwartz,
of The Financial Relations Board, 212-661-8030
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