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Picks up UK direct seller of home care, skin care and more.
March 25, 2015
By: Christine Esposito
Editor-in-Chief
CVSL Inc., Dallas, TX, has successfully funded and closed its previously-announced acquisition of Kleeneze, a UK's direct-to-consumer businesses. Founded in 1923, Kleeneze has more than 7,000 independent distributorships, offering a wide variety of several thousand cleaning, health, beauty, home, outdoor and other products to customers across the UK and Ireland. “We are pleased that this latest addition to the CVSL federation of direct-to-consumer companies is now complete,” said John Rochon Jr., CVSL's vice chairman and chief financial officer. “We have said that our 2015 priority is to continue making acquisitions. This represents another step forward in our buildup strategy.” CVSL purchased 100% of the shares of Kleeneze from Findel PLC for a total consideration of $5.1 million, which included $3 million of senior debt provided by HSBC Bank PLC. The most recently reported revenue of Kleeneze and CVSL combines for more than $180 million, according to CVSL. With the addition of Kleeneze, CVSL's business portfolio expands to nine companies. The firm’s roster includes basket and home décor firm The Longaberger Company, food and spice firm Your Inspiration At Home, tool maker Project Home and nutritional and skin care company Agel Enterprises.
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