Natrol, Inc., has acquired sports nutrition product supplier Medical Research Institute, the company has announced. The acquisition allows for an initial purchase price of $8 million in cash and for potential earn-out payments based upon obtaining certain levels of earnings before interest and taxes over the next three years. In 2006, MRI recorded revenue of $21.4 million with operating income of $3.1 million. MRI has unique intellectual property and an excellent, but somewhat underdeveloped, strategic position in this market, said Wayne Bos, president and chief executive officer of the Chatsworth-based Natrol. “We believe that we can help grow the business by improving manufacturing and logistics capabilities, expanding into new geographic markets and extending the MRI product lines,” Bos said. MRI founder and principal shareholder Ed Byrd will continue to serve as MRI’s chairman and head of research and development. MRI, which was founded in 1997, was the first company to launch nitric oxide-based products in the sports nutrition market.
