Despite concerns about the ingredients contained in nutritional supplements, M&A activity has continued. Vitamins, minerals and supplements (VMS) deals were all the rage in 2014, but after a state government crackdown in February, dealmakers were not sure sales and sentiment in the industry would rebound quickly.

The idea that the pace of VMS dealmaking might slow down percolated after New York Attorney General Eric Schneiderman ordered GNC Holdings Inc. (NYSE: GNC), Target Corp. (NYSE: TGT), Wal-Mart Stores Inc. (NYSE: WMT) and Walgreens Inc. (NYSE: WAG) to stop selling store-brand herbal supplements after DNA testing showed that the vast majority of supplements at some stores – a whopping 79 percent – did not contain the key ingredient advertised, or were contaminated with materials not listed on labels. In April, Schneiderman announced he had reached a deal with GNC to implement stringent quality-control standards.

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