PITTSBURGH, Feb. 13, 2019 (GLOBE NEWSWIRE) -- GNC Holdings, Inc. (NYSE: GNC), a leading global health and wellness brand, announced today that Harbin Pharmaceutical Group Co., Ltd. has completed the final $150 million investment of Hayao’s previously announced $300 million strategic investment (the “Hayao Investment”) in the Company. The Company also announced the formation of the Hong Kong-based China e-commerce joint venture with Hayao.

As previously announced, Hayao completed the funding of the first $150 million of its strategic investment in GNC in two installments: $100 million on November 8, 2019 and an additional $50 million on January 2, 2019.

The formation of the Hong Kong-based China e-commerce joint venture represents the first and most significant step towards the completion of the China joint venture previously announced by the Company. The parties expect to complete the formation of the second, retail-focused joint venture located in China following the completion of certain routine regulatory and legal requirements, expected in the second or third quarter of 2019.

The closing of the Hayao Investment represents the culmination of a year-long effort to complete the partnership between Hayao and the Company and enhances the Company’s capital position.

About GNC

GNC Holdings, Inc. (NYSE: GNC) - is a global health and wellness brand that helps people live well. The company is known and trusted for quality performance and nutritional supplements, and its broad assortment features innovative private-label products as well as national recognized third-party brands, many of which are exclusive to GNC.

GNC’s diversified, multi-channel business model has global reach and a well-recognized, trusted brand, and provides customers with excellent service, product knowledge and solutions. The company reaches consumers worldwide through company-owned retail locations, and domestic and international franchise activities, and e-commerce. GNC also has exceptional innovation and product development capabilities, manufactures products for third parties and generates revenue through corporate partnerships. As of September 30, 2018, GNC had approximately 8,500 locations, of which approximately 6,400 retail locations are in the United States (including approximately 2,200 Rite Aid franchise store-within-a-store locations) and franchise operations in approximately 50 countries.