NewAge announced that it has finalized and closed the merger agreement for the acquisition of ARIIX.
Brent Willis, Chief Executive Officer of NewAge, commented, “We are very pleased to be able to fully converge these great companies now that the merger is complete. Both the revenue and cost synergies of the combined organization will start to be recognized immediately in Q4, in our financial results.”
Fred Cooper, CEO of ARIIX, who is now joining the NewAge Board of Directors said, “Completing this merger with NewAge is a tremendous milestone for all of our independent representatives, employees, and customers who have been a part of ARIIX over the last nine years. We are better positioned than ever before to continue to disrupt the industry and further our strategy to become the world’s leading social selling and distribution company.”
On July 20, 2020, NewAge announced the signing of an agreement to acquire ARIIX along with four other e-commerce/direct selling companies.
NewAge reported $62.7 million net revenue in Q3 of 2020, down 10% from third quarter of 2019. This did not include revenues from its combination with ARIIX and four other e-commerce/direct selling companies.