I received this new as it was released to the public through the PR Wires and thought… “These boys are putting their money where mouths are! In a world where network marketing founders are selling out, merging with foreign companies, or going out of business, Blair, Sarnicola and Mallen seem to be taking a stand to follow through on the promises they have made to the ViSalus employees, promoters, and customers over the years.
In July I had the privilege and pleasure of meeting for dinner with Mallen and another C-Level team member so I could get caught up on the Vi story and see what the future looked like. Mallen never mentioned about the potential buyout, but his passion about what he and the team had learned during the last few years, especially the last 22 months was priceless.
Listening to Blake share about his personal growth, and the growth his partners had all experienced truly seemed to be the new foundation they were going to use for the future growth of the Vi culture. I think Mallen shared that stood out at the time, was that the Vi founders had hired John C Maxwell to personally mentor them to become better leaders. Maxwell has been a mentor of mine since I was in my early 20s, so I know first hand that when someone is willing to hire John as a personal mentor, they are serious about raising their leadership lid. Now, I sure can’t see into the future to know where Vi will be in five years. But I can tell you that at least three boys will have become better leaders themselves, and from the looks of the press release from Vi and Blyth, they Vi community will be given some great opportunities to grow. And most of all I I think we will all get the opportunity to rediscover ViSalus. News Releases ViSalus Founders Agree In Principle To Acquire Majority Of ViSalus; Blyth, Inc. Will Retain 10% Stake Transaction Will Extinguish 2017 Redemption Obligation GREENWICH, Conn., Sept. 2, 2014 /PRNewswire/ — Blyth, Inc. (NYSE: BTH), a leading designer and marketer of candles and other home accessories as well as health & wellness products sold through the direct selling and direct marketing channels, today announced that it and the Founders and certain other preferred stockholders of its ViSalus network marketing subsidiary have reached an agreement in principle whereby the Founders and those other preferred stockholders will exchange their shares of Redeemable Convertible Preferred Stock of ViSalus for shares of ViSalus Common Stock. Presently, Blyth has an 80.9% ownership interest in ViSalus and ViSalus’s Founders and its other preferred stockholders own the remaining 19.1%. The exchange of ViSalus Redeemable Convertible Preferred Stock for ViSalus Common Stock will dilute Blyth’s ownership of ViSalus to approximately 10% and increase the ownership interest of ViSalus’s Founders and other stockholders to approximately 90%. In addition, the transaction will extinguish the obligation of ViSalus to redeem the ViSalus Redeemable Convertible Preferred Stock on December 31, 2017 for an aggregate price of $143.2 million which obligation is presently guaranteed by Blyth. (Read full release here)