N.C., Dec. 6, 2023 /PRNewswire/ -- First
Citizens Bank today announced that its Middle Market
Banking business provided $10
million in financing to FitLife Brands Inc., a provider of
innovative and proprietary nutritional supplements and wellness
products, for the strategic acquisition of the sports nutrition
The acquisition allows FitLife to grow the MusclePharm brand and
enhance its profitability through a focus on online sales and
expanded wholesale distribution.
"We appreciate working with the knowledgeable team at First
Citizens on financing to support our acquisition of MusclePharm,"
said Dayton Judd, Chairman and CEO
of FitLife. "MusclePharm is an iconic brand with strong domestic
and international appeal and a complementary product offering, and
we expect this acquisition to drive continued growth for our
This financing expands First Citizens' relationship with FitLife
after First Citizens Middle Market Banking provided a $12.5 million term loan to support FitLife's
acquisition of Mimi's Rock earlier this year.
"We value our relationship with FitLife and are pleased to work
together again on financing for this strategic acquisition," said
Travis Flodine, a managing director
at First Citizens. "We look forward to supporting FitLife's future
endeavors as they continue to advance in the sports nutrition and
First Citizens Middle Market Banking delivers a range
of financial solutions to midsize clients through a relationship
banking model. The business offers deposit solutions, loans,
treasury services and other banking products to manufacturers,
distributors and a wide variety of service industries.
About First Citizens Bank
First Citizens Bank helps
personal, business, commercial and wealth clients build financial
strength that lasts. Headquartered in Raleigh, N.C., and now celebrating the 125th
anniversary of its founding, First Citizens has built a unique
legacy of strength, stability and long-term thinking that has
spanned generations. First Citizens offers an array of general
banking services including a network of more than 500 branches and
offices in 30 states; commercial banking expertise delivering
best-in-class lending, leasing and other financial services coast
to coast; innovation banking serving businesses at every stage; and
a nationwide direct bank. Parent company First Citizens BancShares,
Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with
more than $200 billion in assets.
Discover more at firstcitizens.com.
View original content to download
SOURCE First Citizens Bank