Private investment groups representing L.A.-based Ares Management LLC and the Ontario Teachers’ Pension Plan announced Friday they plan to acquire GNC Parent Corp., the parent company of General Nutrition Centers Inc. in a $1.65 billion deal.
Apollo Management LP, which controls GNC through an affiliate, voted Friday to approve the merger.
GNC, a Pittsburgh-based specialty retail chain selling supplements and health products, has 4,800 stores in the United States and franchises in 46 outside markets across the world. Ares is an investment management firm with over $4 billion of committed capital. Ontario Teachers’ Pension Plan invests the pensions of Ontario teachers.
