On September 18, 2023, well-known sports nutrition supplement brand BPI Sports filed for bankruptcy, with an interesting list of creditors that included employees, contract manufacturers, and even former business partners like Mike O’Hearn.
We posted the following video on Instagram with some of the highlights:
Announced December 1, 2023, the expected has happened:
Hi-Tech Pharmaceuticals Acquires BPI Sports
Hi-Tech Pharmaceuticals, run by founder and CEO Jared Wheat, issued a press release stating that they’ve implemented a prepackaged chapter 5 process in a bid to acquire BPI Sports.
In a prepackaged bankruptcy, creditors support a financial reorganization that takes effect once the debtor company enters Chapter 11 bankruptcy. This must be approved by shareholders, but speeds up overall time under bankruptcy protection and is a lower-expense affair.
Ultimately, it’s extremely likely that Hi-Tech Pharmaceuticals, BPI’s primary contract manufacturer for over a decade, will come out as a majority owner of BPI.
The future of BPI… and 1MR?!
The press release includes additional quotes from Chris Mackenzie, BPI Sports’ CEO and long-time sales executive, who is confident that the new arrangement will fuel growth for the company. We’re told that Chris will be staying on as CEO.
We’re not sure what will happen to the products, but we’re willing to bet big money that the legendary 1MR pre-workout will likely have some modifications… and they’ll be on the more “aggressive” side of things that are closer to 1MR’s original intensity, to say the least.
The Hi-Tech Family Continues to Expand
It’s been a while since we’ve covered some of Hi-Tech Pharmaceuticals’ acquisitions, but this is not a surprise to those who’ve been following over the past decade. You can see it for yourself in Jared Wheat’s email signature:
What about Mike O’Hearn?
The final question readers will have is, “What’s going to happen to Mike O’Hearn?”
Don’t worry, O’Hearn fans — rumor has it that Mike will be very well taken care of in this transaction.
Stay tuned to @PricePlow on social media for more information.
BPI Sports – Deals and Price Drop Alerts
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