Company to Revert to Private Ownership in $143 Million Transaction
ViSalus, Inc, the weight-loss and fitness company known for its mission of Challenging the World… 10 lbs. at a time through the PROJECT 10™ Challenge, a personal health and lifestyle transformation platform, announced today that its Co-Founders and key stockholders have reached an agreement in principle to complete a transaction with Blyth, Inc. (NYSE: BTH) in which all shares of ViSalus redeemable convertible preferred stock will be exchanged for ViSalus common stock. ViSalus’ Founders’, employees’ and early stockholders’ ownership of ViSalus will increase to 90%. Blyth will continue to be an equity holder, retaining 10% of ViSalus common stock. The transaction will also eliminate ViSalus’ obligation to redeem approximately $143 million of its preferred stock, most of which is owed to the company’s three Co-Founders, as well as Blyth’s guarantee of that obligation.
“The Co-Founders and I are very excited to go ‘all in’ on a business that we started and the future prospects of which we believe in wholeheartedly. I am also personally grateful to the Goergens and to Blyth for nearly 10 years of mentoring and support,” stated Ryan Blair, ViSalus Co-Founder and CEO.
ViSalus Co-Founder and Global Ambassador Nick Sarnicola, and ViSalus Co-Founder and CMO, Blake Mallen further noted, “We are completely invested in the success of our company and believe that our long-term growth prospects have never been better.”
ViSalus Founding Promoter and 5 Star Ambassador GJ Reynolds shared, “In 2006 I originally bought into three twenty somethings. They were hungry intentional and very clear about their vision. Their vision was in alignment in with my vision as well. Since 2006, the Founders have always delivered. I have seen all three of the founders grow into fine young men and executives, who are poised to lead ViSalus to the next level of success.”
Reynolds added, “I see this transaction as a way for us to elevate the entrepreneurial spirit ViSalus originally began with. I am excited about where we stand as a company and in furthering our global expansion. I know I am able to count on Ryan, Nick and Blake to continue to lead ViSalus to further success. Today is a great day in the history of ViSalus.”