First Citizens Bank Provides $10 Million to FitLife Brands, Inc. for Acquisition of MusclePharm

RALEIGH, 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 brand MusclePharm.

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 company."

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 wellness industry."

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.

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SOURCE First Citizens Bank