TerraVia Completes Sale of Majority Interest of Prestige Skincare Brand Algenist to Tengram Capital Partners
August 17 2016 - 8:45AM
Business Wire
TerraVia (NASDAQ: TVIA), a next-generation food, nutrition and
specialty ingredients company and pioneer in algae innovation,
announced today that it has completed the previously disclosed sale
of a majority interest in the Algenist® skincare brand (“Algenist”)
to Tengram Capital Partners ("Tengram"), a private equity firm that
focuses exclusively on consumer and retail companies that own
exceptional, highly recognizable brands.
The transaction proceeds to TerraVia consisted of $20.2 million
in cash and approximately 20% of the fully diluted equity of
Algenist. As part of the transaction, Tengram also agreed to
contribute significant capital to Algenist. TerraVia will use the
cash transaction proceeds to further its strategy of
commercializing its food, nutrition and specialty ingredients
portfolio. As part of the agreement, Tengram and TerraVia have also
formed a partnership focused on identifying additional
opportunities to utilize algae-based ingredients across all
segments of the beauty industry.
Algenist is a prestige beauty brand, developed by TerraVia and
launched in 2011, that delivers anti-aging and color correcting
innovation based on a suite of TerraVia’s proprietary algae-based
ingredients including Alguronic Acid® and microalgae oil. The brand
has won broad market recognition, including the prestigious Marie
Claire Prix D’Excellence de la Beaute in 2014, and the 2015 Beauty
O-wards by O, the Oprah Magazine, and has achieved a global
distribution footprint across 23 countries and including major
retail channels like Sephora, ULTA and QVC.
About TerraVia
TerraVia is a next-generation food, nutrition and specialty
ingredients company that harnesses the power of algae, the mother
of all plants and earth's original superfood. With a portfolio of
breakthrough ingredients and manufacturing, the Company is well
positioned to help meet the growing need of consumer packaged goods
and established and emerging food manufacturers to improve the
nutritional profile of foods without sacrificing taste, and to
develop select consumer brands. The Company also manufacturers a
range of specialty personal care ingredients for key strategic
partners. Headquartered in South San Francisco, the Company's
mission is to create products that are truly better for people and
better for the planet. For additional information, please visit
TerraVia's website at www.terravia.com.
TerraVia, the TerraVia logo, Algenist®, Alguronic Acid® and
other trademarks or service names are the trademarks of their
respective owners.
About Tengram Capital Partners
Tengram Capital Partners is a private equity firm that focuses
exclusively on leading consumer and retail companies that own
strong recognizable brands. The team has a diverse background of
consumer investing and operating expertise that assists and guides
company management to unlock the true potential of their brand.
Tengram invests in both traditional "growth" and
"restructuring/turnaround" situations in either the public or
private sectors. Current investments for Tengram include
Differential Brands Group, Cos Bar, Zanella, This Works, Luciano
Barbera, Tommie Copper, Active Ride Shop, DevaCurl, Laura Geller
Beauty, NEST Fragrances and Sequential Brands Group. Tengram's
website is http://www.tengramcapital.com.
Forward Looking Statements
This press release contains certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995 about TerraVia, including statements that involve risks and
uncertainties concerning: the uses to which TerraVia will apply the
proceeds of the transaction, the activities that will be pursued in
the future by TerraVia and Tengram and the ability of those
activities to create value; TerraVia’s future business focus and
its ability to execute on its strategy or successfully
commercialize its business; and TerraVia’s ability to maintain its
relationships with its partners. When used in this press release,
the words “will”, “expects”, “intends” and other similar
expressions and any other statements that are not historical facts
are intended to identify those assertions as forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Any such statement may be influenced by a
variety of factors, many of which are beyond the control of
TerraVia, that could cause actual outcomes and results to be
materially different from those projected, described, expressed or
implied in this press release due to a number of risks and
uncertainties. Potential risks and uncertainties include, among
others: TerraVia’s ability to successfully transition its corporate
strategy and identity; implementation risk in deploying new
technologies; its ability to successfully develop and commercialize
products; its ability to maintain strategic collaborations; market
acceptance and adoption of its products by end-users; and its
access, on favorable terms, to any required financing. Accordingly,
no assurances can be given that any of the events anticipated by
the forward-looking statements will transpire or occur, or if any
of them do so, what impact they will have on the results of
operations or financial condition of TerraVia.
In addition, please refer to the documents that TerraVia, Inc.
files with the Securities and Exchange Commission, including its
Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as
updated from time to time, for a discussion of these and other
risks. You are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date of this
press release. TerraVia is not under any duty to update any of the
information in this press release.
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version on businesswire.com: http://www.businesswire.com/news/home/20160817005574/en/
TerraViaCorporate Communications:Genet
Garamendipress@terravia.comorJM Strategic Communications GroupJeff
Majtyka, 646-776-0886jeff@jmscgroup.comTaylor Krafchik,
646-776-0886taylor@jmscgroup.comorTengram Capital PartnersBrenda
DeLuca, 646-432-1610