San Luis Obispo-based MINDBODY, a leading company in the tech, beauty and wellness industry, announced Monday that it would be acquired by investment firm Vista Equity Partners.
According to a press release, the company will acquire shares of MINDBODY common stock with a value of $1.9 billion. Shareholders will receive $36.50 in cash per share, which is a 68 percent premium to the unaffected closing price as of Dec. 21, 2018.
The press release notes that the decision was a unanimous one made by MINDBODY’s board of directors. Pending closing conditions, including the approval of MINDBODY stockholders and antitrust approval of the United States, the transaction is expected to be completed within the first quarter of 2019.
“MINDBODY’s purpose is to help people lead healthier, happier lives by connecting the world to fitness, beauty, and wellness,” said Rick Stollmeyer, co-founder and CEO of MINDBODY. “We are thrilled to provide immediate liquidity to our shareholders at a significant premium to market prices and to leverage Vista’s resources and deep expertise to accelerate our growth while achieving that purpose more effectively than ever before.”
“MINDBODY’s position as the leading technology platform for the fitness, beauty and wellness industries makes it an ideal addition to the Vista family of companies,” said Brian Sheth, co-founder and president of Vista. “We look forward to partnering with Rick and the entire MINDBODY team to deliver innovation to customers that will help grow their businesses and to consumers who depend on MINDBODY to strengthen their health and well-being.”
Under a “go-shop” period, which lasts for 30 days, MINDBODY’s board of directors and financial advisors are allowed to enter negotiations with other parties that make other proposals.
To read the full announcement, click here.
