Apollo Management, the US private equity firm, has purchased GNC, the US food supplements business of Dutch food group Numico, for a knockdown price of $750m (€648.16m). Earlier this week Apollo lost out to rivals Apax and Permira in the fight for Inmarsat, the UK cable company.

For Numico, it brings down the curtain on an ill-fated acquisition spree. In 1999 JP Morgan and ABN Amro advised Numico when it paid $2.5bn (€1.6bn) for GNC.