Ideasphere wins Twinlab deal
supplement maker Twinlab, according to a report in Newsday today.
Michigan-based IdeaSphere has won the bidding for bankrupt supplement maker Twinlab, according to a report in Newsday today.
IdeaSphere announced it was bidding for the supplements business in September and no other bids had been placed by yesterday's bankruptcy court deadline, according to the report.
The company was one of 12 pursuing the strong Twinlab brand before its bankruptcy, and its offer of $65 million still stood as the highest bid after Twinlab filed for Chapter 11 bankruptcy on September 4.
NBTY was also thought to be interested in its rival but has not commented on the rumors.
The report added that Ideasphere will maintain Twinlab's Hauppauge headquarters and all of the company's staff. The company announced in September that it would also assume $3.7 million of employee and related liabilities as well as the majority of the company's executory contracts and unexpired leases.
At the time, Ross Blechman Twinlab's chairman, president and CEO, said he was confident that IdeaSphere could "bring substantial resources and global capabilities that will take the Twinlab brand to a new leadership level".
The bid remains subject to court approval but is expected to close in November.
