Twinlab Purchase On Deck 38934

Twinlab Purchase On Deck

GRAND RAPIDS, Mich.A buyer has come out of the woodwork to acquire the financially troubled Twinlab Corp. On Aug. 28, IdeaSphere Inc. confirmed it is in negotiations to purchase Twinlabs assets, subject to court approval. This is in conjunction with Twinlabs anticipated filing for Chapter 11 bankruptcy. The companies have been in talks since early August, an IdeaSphere spokesperson told INSIDER.

According to IdeaSphere, Twinlabs board of directors chose IdeaSphere as a potential buyer because of its commitment to assuring ongoing operations of the company, in addition to its financial strength and experience to lead the global expansion of the brand and product line.

It is always difficult to sell a family business, said Ross Blechman, Twinlabs chairman, president and chief executive officer (CEO). However, in IdeaSphere we feel we have found an acquirer that will respect our commitment to science, quality and consumer satisfaction, and at the same time will bring substantial resources and global capabilities that will take the Twinlab brand to a new leadership level in the 21st century.

Dave Van Andel, IdeaSpheres chairman and CEO, stated, Having grown up in a family business [Amway] that has experienced more than four decades of continuous growth and has revenues today of nearly $5 billion, I understand the importance of preserving and enhancing the brand leadership that Twinlab has deservedly enjoyed.

Twinlab reported it is unlikely that any purchase price for the sale of the business will exceed the aggregate principal amount of the companys indebtedness and, as a result, the holders of the companys equity may receive no value. A spokesperson for IdeaSphere had no comment regarding the purchase price or how Twinlab employees would be affected by the acquisition.

IdeaSphere is a vertically integrated provider of natural and organic supplements, foods, beverages, personal care and home care products, and is an equity owner in Rebus Publishing, the exclusive publisher of the UC Berkeley Wellness Letterand the Johns Hopkins Health After 50. In addition to Van Andel, other company execs include motivational speaker Tony Robbins; Bill Nicholson, the former chief operating officer of Amway; and Mark Fox, who assisted in the launch of WebMD.