Capsalus Corp. has closed its buy of GeneWize Life Sciences. Financial terms weren’t disclosed. Fidelity Holdings, Wharton Equity Partners and Gene Elite were part of the investor consortium. GeneWize is a unit of GeneLink Biosciences, which specializes in consumer genomics.
Capsalus Corp. (OTCBB:WELL) has completed the acquisition of the stock of GeneWize Life Sciences, Inc., the wholly-owned direct-selling subsidiary of GeneLink Biosciences, Inc. (OTCBB:GNLK), a leader in consumer genomics. The deal will provide immediate revenues.
Noteworthy participants in this transaction included Fidelity Holdings, Inc., Wharton Equity Partners, and Gene Elite, LLC, a private investor consortium. With their collective involvement, Capsalus plans to bring not only financial support to GeneWize, but also hands-on operational expertise and strategic development opportunities.
Earning the distinction as the first network sales company to focus on providing individually customized nutritional formulations based on a consumer’s personal DNA assessment, GeneWize secures Capsalus’ stake in the combined $20 billion market of skin care, weight management and wellness supplements in the U.S.
From the outset, GeneWize is expected to be a key driver in significantly enhancing Capsalus shareholder value in the near term. What’s more, the acquisition of GeneWize adds to Capsalus’ track record of sourcing opportunities and consummating investments in promising enterprises offering innovative products and services in fast-growing segments of the health and wellness sectors.
“Considering their current outstanding performance in the market combined with our operating capabilities, professional resources and financial support, we are well-positioned for rapid expansion,” said Steven M. Grubner, interim CEO of Capsalus, which provides operating infrastructure, strategic pathways and financial support to developing visionary partners in the health and wellness multi-level marketing arena.
Added GeneWize’s COO Sharon Tahaney, “What we had hoped for when we embarked on this exploration is being realized in terms of overall business optimization potential. With this deal we are bringing together extraordinary science and business expertise to take our company to the next level through a distinctly robust strategy combining consumer genetics with social marketing.”
GeneWize is a significant addition to the family of Capsalus’ companies across the consumer products, healthcare, media and technology industry spectrum, including Wish Upon a Hero, the world’s largest online social helping network, connecting people in need with people who can help; Guava Healthcare, specializing in customized in-home, non-medical and medical staffing and services to clients across the age spectrum, listed among Entrepreneur’s “Franchise 500” this year and last; and White Hat Brands, an emerging player in the branded consumer products market.