Business
Innovest Global Closes Acquisition of Authority National Supply
Innovest Global Closes Acquisition of Authority National Supply.
About this update from Innovest Global Inc
[{"type":"text","content":"\nCLEVELAND, Nov. 05, 2018 (GLOBE NEWSWIRE) -- Innovest Global Inc. (OTC Markets: IVST) (the “Company” or “Innovest”), a conglomerate with operations in commercial and industrial products and services, energy, biotechnology, and health services, is pleased to announce that we closed the acquisition of Authority National Supply (ANS). ANS was our sixth transaction to date, and has generated $22.8 million in sales through the first three quarters of 2018. Innovest now has approximately 55 employees and $34 million in annual run-rate revenue. The ANS closing this morning, came two weeks after the first anniversary of Innovest’s initial acquisition, in a year that has seen tremendous growth from a focused strategy.\n “From the feedback I am getting, this transaction completes the validation of our business model in the eyes of our primary audience,” said Innovest Chairman and Chief Executive Officer, Dan Martin. “Because our strategy is validated and we are getting the results we predicted, we are just getting started and can now work to scale this growth significantly.” This transaction exemplifies the Innovest model, which emphasizes good people and good businesses: In early 2018 Innovest acquired Shepherd Energy, which was run by Damon Mintz. Then, Shepherd performed commercial lighting work for ANS that was executed with excellence. ANS was so pleased, that their CEO (Tony Crookston) struck up a relationship with Mr. Mintz, who shared how happy Shepherd was having been acquired by Innovest. Mr. Crookston was intrigued, brought the concept to his team, and found it to be a perfect fit for their growth model. With Mr. Mintz leading the acquisition on behalf of Innovest, and Mr. Crookston making the case for the value ANS could bring to Innovest, the acquisition is now final. “The outside world sees a big headline,” said Mr. Martin, “But success is a series of little things done well. Our Energy Group sales team, the guys that installed the lighting, our quality control follow-up team, all of these people that did little things well are the ones that made that big headline. The leadership of Damon Mintz shined from end to end, and these are the reasons why the most important asset Innovest can have is good people.” Innovest extends a special thanks to our...