TerraVia Completes Sale of Majority Interest of Prestige Skincare Brand Algenist to Tengram Capital Partners
SAN FRANCISCO–(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.
Contacts
TerraVia
Corporate Communications:
Genet Garamendi
press@terravia.com
or
JM
Strategic Communications Group
Jeff Majtyka, 646-776-0886
jeff@jmscgroup.com
Taylor
Krafchik, 646-776-0886
taylor@jmscgroup.com
or
Tengram
Capital Partners
Brenda DeLuca, 646-432-1610
