Zinzino announces merger of It Works! into the Zinzino family of businesses for increased distribution power in North America and Europe
Zinzino (publ) (ZZ-B.ST) has today entered into an agreement, and simultaneously closed, to combine with the US-based direct sales company It Works! In an all-share transaction. Through the merger, Zinzino acquired the operational assets of It Works!’ US business, including inventory, distributor agreements, customer agreements, and IP rights, as well as 100% of the shares in It Works! Marketing International UC, an Irish unlimited company, and its wholly owned subsidiaries.
The fixed purchase price amounts to USD 30 million (the “Purchase Price”) which has been paid by Zinzino through a directed set-off issue of 1,843,840 B-shares in Zinzino (the “Directed Issue”). The Directed Issue has been resolved upon by the board of directors of Zinzino, based on the authorization of the Annual General Meeting. The subscription price in the Directed Issue amounts to SEK 145.62 per B-share, which corresponds to the volume weighted average price of Zinzino’s B-share two business days prior to the signing and closing of the transaction. In addition, an additional purchase price estimated to USD 4 million could be paid to It Works! during a five-year span
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It Works! Global Opens $10 Million HQ – Sales Revenue Up To $456 Million
by Ted Nuyten • • 0 Comments
A former multi-story retail center on the bank of the Manatee River has a new life as the headquarters for a health and beauty company that is projecting $1 billion in annual sales.
It Works! Global, a direct marketer of health supplements, skin care products and body shaping aids, debuted its $10 million headquarters building in a public grand opening. The company remodeled the former Riverside Plaza on Riverside Dr., converting the former mall space into an airy, 50,000-square-foot creative business space.
The company, founded in Michigan in 2001, moved to Bradenton in 2011.
It Works! leased offices on State Road 64, but began looking for more space when the company’s growth called for a larger headquarters. It bought the Riverside Plaza building in December 2012 for $3.125 million. It Works! employees started moving from the old building in May.
“I thought that building would last us at least 10 years,” said It Works! CEO Mark Pentecost during a ribbon-cutting ceremony. “We’ve been going through tremendous growth.”
It Works! currently employs 86 people full time. The new headquarters, which is designed to accommodate up to 150 employees, is the center of a business that sells its products through 90,000 independent distributors in 18 countries. The