TROY — ViSalus Inc., a weight-loss and fitness company based in Troy, announced today its co-founders and key stockholders have reached an agreement in principle to complete a transaction with Blyth Inc. in which all shares of ViSalus redeemable convertible preferred stock will be exchanged for ViSalus common stock.
ViSalus’ founders’, employees’ and early stockholders’ ownership of ViSalus will increase to 90 percent. Blyth will continue to be an equity holder, retaining 10 percent of ViSalus common stock. The transaction will also eliminate ViSalus’ obligation to redeem approximately $143 million of its preferred stock, most of which is owed to the company’s three co-founders, as well as Blyth’s guarantee of that obligation.
“The co-founders and I are very excited to go all in on a business that we started and the future prospects of which we believe in wholeheartedly,” says Ryan Blair, ViSalus co-founder and CEO.
“We are completely invested in the success of our company and believe that our long-term growth prospects have never been better,” says ViSalus co-founder and chief marketing officer Nick Sarnicola.
