Company to Revert to Private Ownership in $143 Million Transaction
TROY, MI – September 2, 2014 – ViSalus, Inc, the weight-loss and fitness company known for its mission of Challenging the World… 10 lbs. at a Time through the PROJECT 10TM 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.”
For more information about ViSalus, please visit vi.com and follow the Vi Community on Facebook and Twitter.
Founded in 2005 with headquarters in Los Angeles, CA and Troy, MI, ViSalus is the company behind the PROJECT 10™ Challenge, personal health and lifestyle transformation platform. ViSalus champions personal victories and entrepreneurship through a social marketing model, premium products, and supportive global community.