Shares of Greenwich, Conn.-based Blyth Inc. soared more than 20 percent to a four-year high today after the company announced plans to spin off ViSalus, its weight-loss, energy drink and nutritional supplements business through an initial public offering of stock worth up to $175 million.
The registration statement was filed on the Securities and Exchange Commission by FVA Ventures, which will be renamed ViSalus, Inc. as a result of the IPO, Blyth said.
In the six months ended June 30, ViSalus posted an adjudged profit of $36.9 million, up from $9.4 million a year ago. Sales totaled $327.3 million, up from $59.3 million in the same six months of 2011.
After the IPO, Blyth said it will still own over half of ViSalus’ stock.
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