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CLEVELAND, Nov. 05, 2018 (GLOBE NEWSWIRE) -- Innovest Global Inc. (OTC Markets: IVST) (the “Company” or “Innovest”), a conglomerate with operations in commercial and industrial products and services, energy, biotechnology, and health services, is pleased to announce that we closed the acquisition of Authority National Supply (ANS). ANS was our sixth transaction to date, and has generated $22.8 million in sales through the first three quarters of 2018. Innovest now has approximately 55 employees and $34 million in annual run-rate revenue. The ANS closing this morning, came two weeks after the first anniversary of Innovest’s initial acquisition, in a year that has seen tremendous growth from a focused strategy.
“From the feedback I am getting, this transaction completes the validation of our business model in the eyes of our primary audience,” said Innovest Chairman and Chief Executive Officer, Dan Martin. “Because our strategy is validated and we are getting the results we predicted, we are just getting started and can now work to scale this growth significantly.”
This transaction exemplifies the Innovest model, which emphasizes good people and good businesses: In early 2018 Innovest acquired Shepherd Energy, which was run by Damon Mintz. Then, Shepherd performed commercial lighting work for ANS that was executed with excellence. ANS was so pleased, that their CEO (Tony Crookston) struck up a relationship with Mr. Mintz, who shared how happy Shepherd was having been acquired by Innovest. Mr. Crookston was intrigued, brought the concept to his team, and found it to be a perfect fit for their growth model. With Mr. Mintz leading the acquisition on behalf of Innovest, and Mr. Crookston making the case for the value ANS could bring to Innovest, the acquisition is now final. “The outside world sees a big headline,” said Mr. Martin, “But success is a series of little things done well. Our Energy Group sales team, the guys that installed the lighting, our quality control follow-up team, all of these people that did little things well are the ones that made that big headline. The leadership of Damon Mintz shined from end to end, and these are the reasons why the most important asset Innovest can have is good people.”
Innovest extends a special thanks to our counsel Christopher Hubbert at Kohrman Jackson & Krantz, the twenty owners of ANS, and their counsel Aaron Lepp at Stark & Knoll for his navigating a complex transaction among many parties. Look for much more to come soon on this exciting effort!
About Innovest Global, Inc.
Innovest Global, Inc. (OTC Markets: IVST) is a conglomerate with operations in commercial and industrial products and services, energy, biotechnology, and health services. Our primary growth strategy is to acquire existing companies in a select few industries, and attract new customers in cost effective ways. Currently, we have a Commercial & Industrial Division, a Biotechnology & Health Services Division, and our new Construction & Building Materials Division.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts included in this press release are forward-looking statements. These statements relate to future events or to the Company's future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown, uncertainties and other factors which are, in some cases, beyond the Company's control which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Company's current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to operations, results of operations, growth strategy and liquidity. Such risks, uncertainties and other factors, which could impact the Company and the forward-looking statements contained herein are included in the Company's filings with the OTC Markets. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.