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NBEV

NewAge

$1.74 /

+0.015 (+0.87%)

16:31
10/01/20
10/01
16:31
10/01/20
16:31

NewAge sees ARIIX deal closing no later than November 30, 2020

NewAge announced that it has amended the merger agreement for the acquisition of ARIIX, and that it expects to close the transaction no later than November 30, 2020. Brent Willis, Chief Executive Officer of NewAge, commented, "We think it is great for our shareholders to have increased clarity on the total cost of the ARIIX transaction, and to have agreed to terms on the future portion of the consideration, which represents a very attractive premium to the current share price. As a private company operating globally, the audit of ARIIX's financial statements is taking time to complete, and we feel it is prudent to be thorough and have the audit materially completed before closing. We are on track for closing and our continued diligence indicates that our two powerful companies have a bright future together." NewAge communicated that it expects to capture approximately $20 million in additional annualized EBITDA in the first 18 months following closing in cost and revenue synergies in the areas of cost of goods sold, manufacturing efficiencies and scale, operational redundancy, cross-pollination of brands, and market and channel expansion. NewAge has already identified more than $10 million in annualized synergies to be implemented this year from the combined group. Fred Cooper, CEO of ARIIX said, "The strength of our two companies coming together will have significant benefits to all our stakeholders around the globe. We have been working closely with Brent and his team and have identified several key areas within our organizations where we can gain efficiencies and enhance our overall business performance very positively impacting both the top and bottom lines. Historically ARIIX has delivered close to $20 million in EBITDA annually. With the convergence of the two organizations, the anticipated synergies of $20 million, the improved profitability of NewAge now that their retail brands have been sold, and the global organic growth we are experiencing, we believe both our top and bottom line outlook look extremely attractive." On July 20, 2020, NewAge, Inc., announced the signing of an agreement to acquire ARIIX and four other e-commerce/direct selling companies. The combination is expected to create a company with expected annual revenues of more than $500 million, a blended gross margin of 70%, and expected EBITDA of more than $30 million.

NBEV NewAge
$1.74 /

+0.015 (+0.87%)

07/21/20 Alliance Global Partners
New Age Beverages price target raised to $5 from $3.50 at Alliance Global
04/14/20 Alliance Global Partners
New Age Beverages at Alliance Global Partners
03/11/20 Compass Point
New Age Beverages price target lowered to $4 from $9 at Compass Point

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Lumen Technologies put volume heavy and directionally bearish » 11:15
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Lumen

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Syndicate
BCLS Acquisition opens at $10.28, IPO priced at $10 per share » 11:11
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BLSA

BCLS Acquisition

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Hot Stocks
Honeywell announces partnership with Microsoft for buildings industry » 11:05
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HON

Honeywell

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, MSFT

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$212.07 /

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HON Honeywell
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Options
Sonos call volume above normal and directionally bullish » 11:05
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SONO

Sonos

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+0.055 (+0.37%)

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Yara

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YARIY Yara
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TMTNF

Toromont Industries

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TMTNF Toromont Industries
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Recommendations
Antofagasta price target raised to 1,150 GBp from 1,100 GBp at Scotiabank » 10:59
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ANFGF

Antofagasta

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ANFGF Antofagasta
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Syndicate
McAfee indicated to open at $19, IPO priced at $20  10:56
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MLLGF

Mullen Group

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MLLGF Mullen Group
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