CLEVELAND--(BUSINESS WIRE)--Innovest Global, Inc. (OTC Markets: IVST), a diversified industrials company, signed a letter of intent on March 4, 2019 to purchase 100% of a building materials supply company. The central Ohio target generated $4.2 million in revenue with income of $300,000 in owner benefit in 2018, and is currently a purchasing member of Authority National Supply (ANS), an Innovest Global Company. The purchase price is $1.067 million to be paid in stock. The transaction is subject to a variety of items including due diligence.
ANS plans to buy physical retail locations to vertically expand our business. ANS is a distributor that sells its members building materials at prices lower than they could buy directly from the manufacturers. “Our model provides a platform for the independent businesses in our industry to compete with the larger national companies, and Innovest provides a platform for their succession and the continued success of their company,” said Tony Crookston, CEO of ANS. ANS currently has 25 buying members representing 41 locations in twelve states, adding four locations since being acquired by Innovest in November, 2018.
About Innovest Global, Inc.
Innovest Global, Inc. (OTC Markets: IVST) has operations in Industrials (commercial and industrial products and services, energy, construction, and building materials) and diversified holdings in biotechnology. Our primary growth strategy is to acquire existing companies in a select few industries and attract new customers in cost effective ways. Currently, Innovest Global, Inc. has a Commercial & Industrial Division, a Biotechnology & Health Services Division, and a Construction & Building Materials Division.
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