The private investment groups of Ontario Teachers’ Pension Plan(OTPP)and Ares Management have signed a deal to acquire GNC, the nutritional products retailer, from Apollo Management.

The total enterprise value for the transaction is US$1.65 billion.

“The opportunity to acquire GNC, a leading retailer of health and wellness products, complements our growing portfolio of consumer brands,” says Jim Leech, senior VP of Teachers’ Private Capital.

Teachers’ currently has interests in National Bedding Co.(Serta), Samsonite, Maple Leaf Sports & Entertainment, and CTVglobemedia.

And on Tuesday, OTPP announced it would co-launch a private equity fund in Turkey with the Canadian Pension Plan Investment Board.

GNC has more than 4,800 retail locations throughout the United States and franchise operations in 46 international markets.

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