The previously announced deal for Quebec, Canada-based Immunotec Inc., the direct seller of nutrition, skincare and wellness products, to go private in a cash deal that valued the company at US$25 million, was recently completed.
The deal was closed by way of a plan of arrangement under the Canada Business Corporations Act, pursuant to which 1111267 B.C. Ltd., a subsidiary of Immuno Holding, S.A. de C.V, acquired all of the issued and outstanding common shares of the Company for a cash consideration of CAN$0.485 per share.
Immuno Holding is a company led by Mauricio Domenzain in partnership with Nexxus Capital, one of the leading alternative asset managers in Mexico with a track record of almost 20 years of investing in and supporting successful growth companies. Domenzain is a former top executive of a prominent global direct selling company, with relevant expertise in the Mexican and U.S. markets and a passion for the network marketing channel.
“We are very excited about this transaction, as we believe that Immunotec, with its strong management team, its network of over 100,000 independent consultants, and its culture rooted in Quebec-based research and development, is uniquely positioned to continue to generate growth and prosperity for the benefit of its customers, independent consultants and employees in Quebec, the U.S. and Mexico,” said Domenzain. “We have great respect for Immunotec’s leadership team guided by Charlie Orr, CEO, as well as the independent consultants and look forward to working collaboratively to fuel such growth and to support the current momentum Immunotec has been experiencing over these past years.”
Rod Budd, Chairman of the Board of Directors of Immunotec, added: “We believe the time is right to take this next step in the evolution of Immunotec. After undertaking a robust strategic review effort, led by Threadstone Advisors and Winfield Consulting, we are excited by the value to be delivered to Immunotec’s shareholders. The Board was also very impressed by Immuno Holding’s understanding of our relevant markets as well as their excellent plan to maintain, and accelerate, the Company’s growth. This transaction presents the ideal opportunity for all stakeholders.”
Charles Roberts, one of the company’s founders, said, “I believe Immuno Holding will bring great experience, dynamism and support to Immunotec’s employees and network of independent consultants in order to foster the Company’s continued path of growth and success.” Dieter Beer, another founder, added, “I have confidence that with Immuno Holding’s support, the Company will continue the vision that I shared with Dr. Gustavo Bounous to position Immunocal® as a global nutritional choice, and to improve many more lives with this incredible product.”
The agreement between Immunotec and Immuno Holding concludes a strategic review process undertaken by leading direct selling M&A advisor, Threadstone Advisors LP in partnership with Winfield Consulting, LLC. Together, the advisors were employed to monetize the equity interests of Immunotec’s founding shareholders, Charles Roberts and Dieter Beer, who were pursuing a sale in the interest of personal estate planning while ensuring that the new owners possess the resources and experience required to drive the Company’s continued growth in the future.
Threadstone Advisors, LP is a boutique investment bank serving the consumer sectors with expertise in mergers and acquisitions, equity and debt capital raises as well as strategic advisory aervices. In partnership with Winfield Consulting, LLC, which provides strategic and executional support to operating companies and investors in the direct selling business model, Threadstone has become a leader in advising the direct selling channel. This is the third direct selling transaction in two years that Threadstone and Winfield have been involved in as partner–advisors.
