Nu Skin Enterprises announces sale of its Mavely subsidiary for $250 million
Provo-based Rhyz Inc., a subsidiary of Nu Skin Enterprises Inc., has sold its Mavely affiliate marketing technology platform to Later Social of Boston. Later Social, a social media marketing platform and portfolio company of Boston-based Summit Partners, paid $250 million for Mavely in the form of cash and a minority equity stake in the combined Later/Mavely business. Approximately $33 million of the purchase price will be paid to other equity holders in Mavely.
As part of the transaction, Mavely will continue to provide technology and social commerce capabilities to support Nu Skin’s affiliate marketing business.
“Together, we believe Later and Mavely will provide enhanced capabilities to our company as we pursue our broader beauty, wellness and lifestyle ecosystem vision, while the transaction generates additional capital and resources for us to increase innovation in our core Nu Skin business and investment in our Rhyz companies,” said Ryan Napierski, Nu Skin president and CEO. “This underscores the value of Rhyz to incubate and scale meaningful businesses with synergistic value across the enterprise.”
Napierski said the sale generated an approximate five-fold return on the company’s cumulative investment in Mavely since it was acquired in 2021. Proceeds from the transaction are expected to be used to pay down debt and fund additional innovation. The company also plans to use its strengthened balance sheet to buy back stock under its existing stock repurchase program.