CVSL, which acquires and improves the operations of small direct selling businesses, withdrew its plans for a public offering on the NYSE MKT on Friday. It is currently traded on the OTCQX Marketplace under the symbol CVSL and commands a market cap of about $350 million. It first filed in May and planned to raise $60 million in November. While the company has withdrawn its plans for an equity raise, it still plans to uplist to a major exchange within the next several trading days.
CVSL is controlled by Chairman and CEO John Rochon, the former head of Mary Kay. Its nine portfolio companies' industries include home improvement, gourmet foods, skin care and nutritionals. CVSL builds these independent businesses using its expertise in e-commerce, social media and micro-enterprise strategy as well as bringing efficiencies in finance, IT and the supply chain.
The Plano, TX-based company was founded in 2007 and booked $89 million in sales for the 12 months ended September 30, 2014. It had planned to list on the NYSE MKT under the symbol CVSL. Cantor Fitzgerald, JMP Securities and Janney Montgomery Scott were set to be the joint bookrunners on the deal.
The article Direct selling company CVSL withdraws $60 million equity raise originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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