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Cropped shot of a doctor shaking hands with a businessman in a hospital

DD3, Betterware Enter into Definitive Agreement to Merge

BY DSN Staff | August 05, 2019 | read / Daily News / International

DD3 Acquisition Corp. (Nasdaq: DDMX), a publicly traded special purpose acquisition company and Betterware de Mexico, a leading direct-to-consumer selling company in Mexico, announced today they have entered into a definitive agreement to merge.

The combined company will operate as “Betterware” and is expected to remain publicly listed on Nasdaq. The transaction implies an initial enterprise value of approximately $367 million representing a multiple of 8.6x Betterware’s estimated 2019 EBITDA.

Founded in 1995, Betterware is focused on the home organization segment, with a wide product portfolio for daily solutions including home organization, kitchen preparation, food containers, smart furniture, technology and mobility as well as other minor categories. It has a sales force comprised of more than 400,000 distributors and associates.

“We are very excited about becoming a public company to support our continued expansion and boost our growth opportunities” said Luis Campos, chairman of Betterware. “This transaction represents the next chapter of our journey to become the leading consumer company in Mexico and Latin America focused on the home solution and organizational segment.”

“When we launched DD3, we told investors that we would look for high cash conversion companies with an asset light business model and high growth performance,” said Martín Werner, CEO of DD3. “We found the perfect fit with Betterware, a leading consumer sector company with a proven track record and tremendous growth opportunities. I look forward to working with Luis and his dynamic team to help them thrive as a public company while they continue implementing fast growing initiatives.”

Current Betterware shareholders will roll over most of their equity stakes and will remain majority owners of the combined company, with an anticipated ~80 percent stake at closing, while the remaining ownership will be held by public investors and DD3.

Campos and Andres Campos, CEO of Betterware, will continue to run the combined company. Martin Werner, CEO and chairman of DD3, and Guillermo Ortiz, board member of DD3, are expected to join the combined company’s board of directors. The transaction is expected to be completed during the fourth quarter of 2019, subject to approval from DD3’s shareholders and other customary closing conditions.

Posted in Daily News, International and tagged Betterware, DD3, DD3 Acquisition Corp., EBITDA, Guillermo Ortiz, Luis Campos, Martín Werner, Mexico, NASDAQ.
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