WHEAT RIDGE, CO, US – GenTech Holdings, Inc. (www.gentechholdings.com), an emerging leader in the high-end Premium Coffee (www.secretjavas.com) and Functional Foods (www.sinfitnutrition.com) marketplaces, is pleased to announce the closing of the Company’s acquisition of NXTBAR, LLC (“NxtBar”) (nxtbar.com), a leading natural foods company with strong and growing sales, a popular keto-friendly product line, and a large distribution footprint that includes GNC, Walmart.com, Amazon.com, TruNorth (Canada), and an extensive network of more than 2,000 brick-and-mortar locations across the United States.
“NxtBar provides an excellent complementary piece to our roll-up puzzle, with a strong product portfolio, a wide distribution footprint, and demonstrable revenue and brand growth momentum already in place,” noted Leonard Armenta, President of GenTech & CEO of SINFIT Nutrition.
The Company reported last week that it had signed an exclusive letter of intent to acquire NxtBar. An initial expected closing date of June 25th was set. The Company is pleased to report that this process was completed faster than anticipated, and the acquisition is now closed and final.
As noted in prior Company communications, NxtBar was able to generate substantial YoY revenue growth and activating 2,000+ retailers since its inception despite the challenging retail environment characterizing the past 15 months due to the global pandemic health crisis.
Richard Lindeman, the Founder of NxtBar, stated “NxtBar is one of the fastest growing ecommerce and retail CPG brands, and GenTech is the perfect partner to continue widespread distribution of the products and to further accelerate our revenue growth. Since beginning conversations with GenTech several months ago, we’ve been deeply impressed with their operational capabilities and robust distribution network. The entire NxtBar team is excited to see how they continue to grow the brand.”
Armenta added, “We gain a revenue-producing brand, substantial ready-to-sell inventory, and an excellent channel through which to interface with an active end-market. That stands to add significant value to our existing brands and as well as brands we are working to acquire in the future.”
NxtBar products are low-sugar, low-carb, keto-friendly, paleo-friendly, non-GMO, and gluten-free, containing less than 2g of sugar per serving. The bars come in eight (8) delicious flavors, including Chocolate Peanut Butter, Chocolate Coconut, Cookie Dough, Lemon Pound Cake, Vanilla Almond Butter, Cookies and Cream, Oatmeal Chocolate Chip, and Banana Nut Bread.
About GenTech Holdings, Inc.
GenTech Holdings, Inc. is a publicly traded company under the symbol GTEH. The Company launched a high-end Coffee Subscription service in early 2020 called Secret Javas and has recently closed on its acquisition of Sinfit Nutrition, which offers a range of high-end Functional Foods.