Zinzino AB, the Swedish direct sales company listed on Nasdaq First North Premier Growth Market and headquartered in Gothenburg, specializing in test-based, personalized dietary supplements and scientific skincare, has acquired the US company It Works! for USD 30 million. The transaction marks the largest single acquisition in Zinzino’s corporate history and significantly strengthens the Swedish company’s presence in North America and Europe.

It Works! Achieved Peak Revenues of USD 750 Million

It Works! is a US-based direct sales company founded in 2001 by Mark Pentecost, headquartered in Palmetto, Florida. The company operates in the health and beauty sector and is known for its flagship product „Skinny Wrap.“ It Works! has historically achieved annual revenues of up to USD 750 million and, according to the company, has more than 100,000 active distributors in over 20 countries. The current CEO is Kindsey Pentecost, the founder’s daughter, who has led the company since February 2023. Mark Pentecost continues to serve as Chairman of the Board.

It Works! has been recognized multiple times as a Top 100 company by Direct Selling News. The company appeared on the Inc. 500 and Inc. 5000 list of fastest-growing private companies in America for five consecutive years. In 2016, It Works! was ranked as one of the 20 fastest-growing direct sales companies in North America by DSN Magazine.

Social Engagement

Through the It Works! Gives Back Foundation and the Pentecost Foundation, the company is engaged in six main areas: pediatric cancer research, international crisis response, anti-human trafficking efforts, humanitarian aid, veteran support, and community projects. Mark Pentecost, who was himself diagnosed with multiple myeloma (a rare form of blood cancer) in 2016, donated USD 10 million to the Moffitt Cancer Center to establish the Pentecost Family Myeloma Research Center.

Transaction Details

The merger was executed as a pure share exchange. The fixed purchase price amounts to USD 30 million and was settled through a directed share issue of 1,843,840 Class B shares. The subscription price of the share issue is SEK 145.62 per Class B share, corresponding to the volume-weighted average price of the Zinzino Class B share two business days prior to the signing and closing of the transaction.

Additionally, It Works! may receive a further purchase price of an estimated USD 4 million within five years, depending on future revenue development. This additional purchase price will also be settled entirely in newly issued Zinzino Class B shares.

Acquired Assets

Through the merger, Zinzino acquired the operating assets of It Works!‘ US business, including inventory, distributor and customer contracts, and intellectual property rights. Furthermore, Zinzino acquired 100 percent of the shares in It Works! Marketing International UC, an Irish unlimited company, and its wholly-owned subsidiaries.

Expected Revenue Development of USD 60 Million

Zinzino estimates that the merger with It Works! will generate additional revenues of over USD 60 million in 2026. The merged company is expected to achieve growth through synergies arising from the combined networks in combination with Zinzino’s test-based product concept. The profitability of the transaction will benefit from the utilization of Zinzino’s existing technical platform and organization.

„Personalized advice and tailored solutions are the future, and not only in the health and wellness sector,“ stated Dag Bergheim Pettersen, CEO of Zinzino, and Mark Pentecost, President and Founder of It Works!, jointly.

Share Issue and Dilution

The directed issue of 1,843,840 Class B shares at a subscription price of SEK 145.62 per Class B share was resolved by Zinzino’s Board of Directors based on the authorization granted by the Annual General Meeting on May 28, 2025. The newly issued Class B shares from the share issue result in an increase in Zinzino’s total number of shares from 36,319,540 to 38,163,380, divided into 5,113,392 Class A shares and 33,049,988 Class B shares.

The company’s share capital increases from SEK 3,631,954 to SEK 3,816,338. The share issue entails a dilution of approximately 4.83 percent of the total number of shares and approximately 2.24 percent of the voting rights in Zinzino.

Zinzino Acquisition History 2020-2026

With the acquisition of It Works!, Zinzino continues its systematic consolidation strategy in the fragmented direct sales market. Since 2020, Zinzino has acquired a total of twelve direct sales companies and strategic investments. The Swedish company follows a clear pattern: acquisition of distributor databases and customer registers for rapid market expansion, financed primarily through newly issued Zinzino shares.

2020

VMA Life (April 2020)

Acquisition of the Singapore-based direct sales company VMA Life for a total purchase price of USD 2 million. The acquisition opened up the markets of Singapore, Malaysia, Taiwan, Thailand, and Hong Kong, laying the foundation for Zinzino’s expansion into the Asia-Pacific region.

2022

Enhanzz (April 2022)

Acquisition of the Swiss companies Enhanzz IP AG and Enhanzz Global AG, including the HANZZ+HEIDII (skincare) and YU (dietary supplements) brands. The acquisition proved to be a significant growth driver in the DACH region. Due to exceeded expectations, the earn-out was increased to EUR 4.7 million in 2025.

2024

ACN Partnership (January 2024)

Strategic partnership with acquisition of ACN’s European distributor database, as ACN discontinued its direct selling activities in Europe. In return, ACN invested USD 1 million in Zinzino’s holding company Manna Holdings.

Xelliss (May 2024)

Acquisition of the assets of the Luxembourg-based spirulina provider Xelliss. The acquisition expanded the product portfolio to include microalgae-based dietary supplements.

Cleanthi Alpha-Olenic (June 2024)

Acquisition of 49 percent of the shares in the Cypriot olive oil producer Cleanthi Alpha-Olenic for EUR 1.9 million. The vertical integration secures the raw material supply for the BalanceOil product line. The financing was structured as EUR 1.2 million in Zinzino shares and EUR 0.5 million through a capital increase.

2025

Zurvita (February 2025)

Acquisition of the assets of Zurvita Inc. following the completion of Chapter 11 bankruptcy proceedings. Zinzino had participated as a DIP financier with USD 4.5 million. The acquired distributor database, Zeal brand, and IP rights open up the markets of the USA, Canada, and Mexico.

Valentus Global (April 2025)

Cash acquisition of the US-British company Valentus Global for SEK 20 million (EUR 1.8 million). The integration expands the distribution network in existing markets in Europe and North America.

Ecosystem (June 2025)

Acquisition of the French direct sales company Ecosystem to strengthen the presence in France and French overseas territories.

Bodē Pro (September 2025)

Acquisition of the US direct sales company Bodē Pro. The acquisition accelerates market entry into Japan, one of the most attractive direct sales markets globally, as 55 percent of Bodē Pro’s revenue originates from the Japanese market. Bodē Pro was founded by BK Boreyko, who previously led the network marketing company Vemma.

Truvy (September 2025)

Acquisition of the US company Truvy (Truvision Health LLC) in the health and weight management segment. The wholly-owned subsidiary Truvy Korea enables direct market access to South Korea.

Sanki (November 2025 / Closing January 2026)

Acquisition of the Mexican direct sales company Sanki. The acquisition includes the subsidiaries in Colombia and Peru and marks Zinzino’s market entry into South America.

Xion International Group (November 2025)

Strategic acquisition of 35 percent of the shares in the Spanish production company Xion International Group. Xion operates state-of-the-art photobioreactors for spirulina production. The next step will be to establish a joint venture in which Zinzino will hold 55 percent. The partnership secures the long-term raw material supply for BalanceOil+ with sustainably produced omega-3 from microalgae.

2026

It Works! (January 2026)

Merger with the US direct sales company It Works! – the largest single transaction in Zinzino’s corporate history. It Works! was founded in 2001 by Mark Pentecost and is a globally renowned direct sales company with over 100,000 active distributors in more than 20 countries.

Chronological Overview of All Transactions