Zinzino announced a merger of It Works! into the Zinzino family of businesses. Through the agreement, Zinzino has acquired the operational assets of the US business, including inventory, distributor agreements, customer agreements and IP rights for It Works!, as well as 100% of shares in It Works! Marketing International UC, an Irish unlimited company, and its wholly owned subsidiaries.
“Individual advice and tailor-made solutions are the future, and not just in health and wellness,” said Dag Bergheim Pettersen, Zinzino CEO, and Mark Pentecost, President and Founder of It Works! “Together, we have many years of combined industry experience and everything it takes to drive the modern, personalized shopping experience through direct sales.”
Zinzino stated that this is a strategic and important step in its growth plan, which will focus on improving personal health and wellbeing on a global level through innovative biotechnology and a product portfolio marketed through direct sales. The acquisition and merger will also provide increased distribution power in North America and Europe.
Per the agreement, Zinzino will pay $30 million, 100% of which will be settled through newly issued Zinzino shares. Additional purchase prices will be based on future sales development, estimated at $4 million, which will also be settled through newly issued Zinzino shares.
“A visionary mindset, a tech-first perspective, test-based nutrition at the cellular level and a strong position to capitalize on current trends will form the basis of the partnership with It Works!,” Zinzino wrote in a statement. “Following several acquisitions in recent years, Zinzino has been looking for further investments to maintain its sustainable, profitable growth, strengthen its distribution power, expand into new markets and leverage its product portfolio in new consumer areas.”
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