MM2 Group to acquire Genotec Nutritionals
Genotec Nutritionals currently generates its sales through custom formulations for several large strategic partners and from the distribution of its branded products.
14/04/06 MM2 Group, Inc. has announced that it will acquire Genotec Nutritionals, Inc., a New York-based manufacturer and distributor of nutritional supplements and vitamins. The transaction, which is subject to due diligence and the usual and customary closing conditions, is expected to close in May.
Genotec Nutritionals currently generates its sales through custom formulations for several large strategic partners and from the distribution of its branded products.
George Kontonotas is the President of Genotec Nutritionals, and has over 25 years experience in the nutraceutical industry. He stated, "We are extremely excited about our merger with MM2. This association will enable us to grow and assume a more significant role in the expanding natural products industry. Our marketing team has the ability to translate our innovative product ideas to branded products very quickly."
Dr. Joseph Freedman, VP of Research and Development of Genotec, is an optometrist by profession and a noted expert and author in the nutraceutical industry. He is responsible for developing many branded nutritional products, including Genotec's Cata-Vita, the first ocular dietary supplement for the prevention of cataracts and macular degeneration.
Dr. Freedman stated, "We have a large pipeline of products to bring to market. MM2's financing capabilities will enable us to do this. Among the first products to be introduced will be a unique diet aid, a gum that takes away a person's ability to taste sweets for about 30 minutes. Since sweets now taste bad for a period of time, a person can resist their craving for sweets."
MM2 Group is involved in the acquisition and build-out of dietary supplement and nutraceutical companies. The company's growth strategy is to acquire firms in this extensive and expanding but highly fragmented segment as it seeks to create substantial value for shareholders.
