CLEVELAND, Oct. 02, 2017 (GLOBE NEWSWIRE) -- Innovest Global Inc. (OTC PINK:IVST) announced today that it has received a commitment to fund the acquisition of a retail auto group.
Dan Martin, CEO of Innovest, announced Innovest’s acquisition strategy just less than two months ago (GLOBE NEWSWIRE August 8th, 2017 ‘Innovest Global to Launch, Acquire, and Grow Businesses With Novel Approach’). He was optimistic that the company would soon see positive results, “The environment is right, and there are companies that really make sense in our model.” Things have been moving very quickly since then. With the acquisition pipeline featuring interest from the retail automotive space, Innovest sought to bolster its appeal to those companies, by seeking preliminary funding arrangements.
Innovest conducted preliminary due diligence on a Midwest group of franchised auto dealers, with revenue in excess of $150 million annually, and utilized its relationships and expertise to secure a commitment letter for funding 100% of the eight-figure anticipated purchase price. The commitment is from a domestic investment banking company, which has facilitated investment of over $1 billion in capital to businesses. The terms and conditions of the commitment letter are governed by a confidentiality agreement.
Mr. Martin is excited to vet the situation, “We’ve assessed and valued the business, and have a group of willing parties, motivated to finish and welcome this group into the Innovest family.” However, he points not to this particular acquisition, but to the process and business model to measure long-term success. “This situation represents us at our best. Proactively seeking opportunities, structuring possible transactions with the right people, and ensuring we have the resources to execute them. We don’t yet know if a deal is to be closed in this particular case, but we do know that if we continue doing these types of things, growth and success will be the result.”
Innovest continues to advance a variety of initiatives both related and unrelated to this potential acquisition, “We remain committed to our grassroots plans and we are making progress daily,” said Innovest CFO, Mike Yukich.
Innovest’s diversified holding company model, and their focus on efficient customer acquisition and reduced risk, are the core tenets of what the company hopes will create significant value for their shareholders.
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Source:Innovest Global, Inc