Buyout Firms Swap GNC

Ares Management and the Ontario Teachers’ Pension Plan have agreed to acquire Pittsburgh-based nutritional products retailer GNC from Apollo Management for a total enterprise value of $1.65 billion. Apollo acquired GNC in 2003 for approximately $750 million, and later filed for a $345 million IPO that it later withdrew due to adverse market conditions.< ?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />