Ganeden Biotech Completes Sale of Certain Assets to Schiff Nutrition International
June 08 2011
Brown Gibbons Lang & Company announced today that Ganeden Biotech, Inc. sold certain assets to Schiff Nutrition International, Inc. (NYSE: WNI), through its subsidiary Schiff Nutrition Group, Inc., for $40 million in cash. As a result of the transaction, Schiff now owns the worldwide exclusive rights to use the leading probiotic technology GanedenBC30® (BC30, Bacillus coagulans GBI-30, 6086) in the over-the-counter and dietary supplement space, and the leading brands Sustenex® and Digestive Advantage® under which BC30 is currently sold. Ganeden and Schiff also intend to collaborate on extending the use of probiotic technologies into new areas of human health. BGL provided a fairness opinion to Ganeden’s Board of Directors in connection with the transaction and completed a capital raise for Ganeden.
About Brown Gibbons Lang & Company
Brown Gibbons Lang & Company is a leading independent investment bank serving middle market companies and their owners throughout the U.S. and internationally. BGL’s professionals are experts in mergers & acquisitions, debt & equity placements, financial restructurings, and valuations & financial opinions. BGL is the lead U.S. shareholder in Global M&A, the world’s leading partnership of independent middle market financial advisory firms focusing on cross-border transactions. For more information, visit www.bglco.com.
About Ganeden Biotech
Founded in 1997 and headquartered in Mayfield Heights, Ohio, Ganeden Biotech is a science driven organization dedicated to bringing superior probiotics to markets that have otherwise been unmet by traditional solutions. With over 100 U.S. and international patents granted and 13 studies published in peer-reviewed journals, Ganeden’s probiotic strain, GanedenBC30®, has unmatched survivability and efficacy for consumer and animal health.
About Schiff Nutrition
Schiff Nutrition International, Inc. develops, manufactures, markets, and distributes branded and private label vitamins, nutritional supplements, and nutrition bars in the United States and throughout the world. Schiff’s portfolio of well-known brands includes Move Free®, Schiff® Vitamins, MegaRed®, Mega-D3™, Tiger's Milk®, and Fi-Bar®. For more information, visit www.schiffnutrition.com.