In Brief: IVC
This article was originally published in The Tan Sheet
Executive Summary
IVC: Formerly known as International Vitamin Corp., completes acquisition of Hall Laboratories. Under the merger agreement, valued at about $12 mil., IVC issued Hall 3.8 mil. shares to Hall Labs' shareholders. The companies signed a letter of intent in June 1995 ("The Tan Sheet" June 5, 1995, p. 3). In addition, IVC said it has entered into a $26.5 mil. financing facility with Chase Manhattan Bank. The funds will be used to consolidate the two companies' obligations, including start-up costs for IVC's new Intergel brand softgel manufacturing facility and promotional costs associated with the launch of the new Revlon vitamin line, estimated to be "in excess of $3 mil." The companies will retain their current management, but will be governed by a new board comprised both of former heads of IVC and Hall Labs and new members to the firm. IVC is predicting FY 1996 sales of about $100 mil...