Youngevity International Inc (NASDAQ: YGYI) released some promising news today. The company announced that it has completed a key acquisition. Today, we’ll talk about that acquisition, what it means for the company, and what we’ll be watching for with regard to YGYI ahead.
YGYI Announces The Completion Of A Key Acquisition
As mentioned above, Youngevity International announced that it has completed a key acquisition today. The acquisition was of all assets of Sorvana International. The acquisition was originally announced on June 19th of this year when YGYI announced that it entered into a definitive agreement with Sorvana.
With the acquisition of Sorvana, YGYI will unify two natural wellness companies, including FreeLife and L’dara. FreeLife alone has been in business for 22 years, offering wellness products around the world, particularly in the United States, Canada, Australia, and the Philippines. L’dara focuseses largely on skincare products and was established in 2013. In a statement, Steve Wallach, Chairman and CEO at YGYI, had the following to offer…
“We are very proud of having closed on the acquisition of Sorvana International. Sorvana embodies so many of the attributes we look for in an acquisition, ranging from the level of quality products, the amount of distributors and customers, and the geographic footprint the company currently has in the marketplace. We have been seeking to acquire an established company with international distribution and we are very fortunate to have find that opportunity in Sorvana.”
This statement was followed up by Dave Briskie, President and CFO at YGYI. Here’s what he had to offer…
“Closing on this transaction is a great start to the second half of this very exciting year for Youngevity… The FreeLife and L’dara Brands along with their accompanying distribution represents both our largest top line revenue acquisition and the greatest data base of customers and distributors we have ever added to Youngevity. Their 22 year history as a successful direct selling company was a very compelling factor in our decision to pursue these brands as a desirable addition to Youngevity. We believe our two established cultures will create many benefits and cross marketing opportunities for both Youngevity and Sorvana distributors.”
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on YGYI. In particular, we’re interested in watching as this acquisition turns into added revenue for the company. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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