Business
The Board of ‘Authority National Supply’ Approves Pending Company Sale to IVST by Super Majority Vote, Boosting Innovest’s Revenue by $30 Million Annually
The Board of ‘Authority National Supply’ Approves Pending Company Sale to IVST by Super Majority Vote, Boosting Innovest’s Revenue by $30 Million Annually.
About this update from Innovest Global Inc
[{"type":"text","content":"\nCLEVELAND, Ohio, Oct. 22, 2018 (GLOBE NEWSWIRE) -- Innovest Global Inc. (OTC Markets:IVST) (the “Company” or “Innovest”), announces that the previously announced 'Letter of Intent' to acquire a $30 million revenue generating company has been voted on in final form by that company and approved. Innovest Global will now enter the Building Materials industry with the purchase of Authority National Supply (ANS).  The ANS Board of Directors voted to approve the transaction after receiving a super majority approval from its members. Innovest will ceremonially close the acquisition on Thursday, October 25th at 5 PM EST to kick-off our previously scheduled open house.  In 2017, ANS generated $24.5 million in revenue. This transaction increases Innovest’s annual revenue by over 500% (five-hundred percent). \n This transaction gives Innovest and Ohio based Authority National Supply (ANS) a prime opportunity to quickly add revenue in the growing building materials industry. Tony Crookston, ANS Chief Executive Officer, stated, “Taking ANS public with the Innovest model is exactly the tool I need to capitalize on the tremendous opportunities ANS has to grow.” In addition to being a group purchase organization (GPO) with a large pipeline of new potential business, ANS has an acquisition model, which Mr. Crookston intends to pursue aggressively, “We have twenty member-owners which are also owners of building materials businesses across the country. Let that sink in for how quickly I believe we can grow this division. Innovest just got started. We evaluated Innovest’s modest revenue and current valuation, compared to how much we believe that value will increase over time with us on the team. It was a no-brainer for our owners to take a stock deal, and lock arms with Innovest to make that growth a reality. Damon Mintz worked extensively with our owners to make this transaction a reality, and I am ecstatic to work with him and the Innovest team led by their CEO Dan Martin, to make this new Innovest division a dominant player in the building materials industry.” “Tony is highly respected in the building materials industry. He is an amazing leader with a clear vision for growth, as indicated by the success of ANS and their large board of dire...