Asset Purchase Brings Viridian Energy under New Leadership
Crius Energy has entered a partnership that will streamline operations at direct selling subsidiary Viridian Energy while granting Crius exclusive access to the brand’s electricity and natural gas customers, according to a Tuesday announcement.
Certain assets of the business were acquired by the newly formed Viridian International Management LLC, which will pay $2 million in cash upon completion of the deal and a $4 million promissory note due in 12 months. The agreement includes payments to Crius Energy totaling $10 million over five years. Management said the move is intended to position Viridian, billed as a socially responsible energy company, for accelerated growth and international expansion.
“When Viridian was founded in 2009, we had no idea just how far-reaching, how impactful the efforts of a dedicated, passionate group of independent Associates would be,” said company founder Michael Fallquist, who will serve on the board of Viridian International Management.
In 2015, Viridian’s solar energy and natural gas offerings generated revenue of $324 million, making it the No. 53 direct selling company in the world, as ranked on the DSN Global 100. Viridian is No. 30 among North America-based direct selling companies.
To lead the next chapter of growth, Viridian International is bringing in Paul Booth as CEO. Booth is a veteran of the direct selling channel and the founder of software firm Data Paradigm Inc.
“For years behind the scenes my team has provided the insights, marketing and technology solutions to enable multiple direct selling organizations and countless network marketers to optimize their potential and achieve unprecedented growth,” said Booth. “In Viridian, I saw the right brand, the right people and the right time to finally make my dream of leading a radically successful network marketing company a reality.”
Cami Boehme, formerly Chief Strategy Officer for Crius Energy, also will join Viridian International as Partner and Chief Operations Officer. Rounding out the new leadership team is Peter Hirsch, who will step into the role of Chief Development Officer. Hirsch is a social entrepreneur, speaker and author whose most recent book is Global Cause Marketing: Future Proof Your Brand.
“We will continue to honor the founding principles of this great company, the sustainability pillars upon which the Viridian brand was built,” said Boehme. “We will continue to reinforce and enhance the Viridian opportunity, but with nimbleness, speed and a renewed commitment to growth, diversification and international expansion.”
In its announcement, Viridian said it will continue to partner with Crius Energy on its green energy products, while also exploring strategic partnerships in other product categories.
