Private Equity Firm Pays $1.9 Billion for Mindbody

Health and Healthcare

Published: December 24, 2018 8:42 am

Last Updated: January 11, 2020 1:18 pm

Technology platform provider for the health and fitness industry, Mindbody Inc. (NASDAQ: MB) has agreed to be acquired by private equity firm Vista Equity Partners in an all-cash deal valued at $1.9 billion. Vista has agreed to pay $36.50 in cash per Mindbody share, a premium of 68% to the stock’s closing price on Friday.

The agreement includes a 30-day “go-shop” period during which Mindbody may actively search for alternative acquisition proposals. Mindbody has the right to terminate the deal with Vista in favor of a superior proposal.

Mindbody CEO Rick Stollmeyer commented:

[Mindbody’s] purpose is to help people lead healthier, happier lives by connecting the world to fitness, beauty and wellness. 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.

Brian Sheth, president of Vista, added:

[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. 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.

Mindbody shares traded up nearly 67% in Monday’s premarket session at $36.27 per share. The stock’s 52-week range is $21.61 to $45.50. Prior to this morning’s announcement, the 12-month price target on the stock was $35.36.

24/7 Wall St.
Biggest IPOs of the Year

Credit Card Companies Are Doing Something Nuts

Credit card companies are at war. The biggest issuers are handing out free rewards and benefits to win the best customers.

It’s possible to find cards paying unlimited 1.5%, 2%, and even more today. That’s free money for qualified borrowers, and the type of thing that would be crazy to pass up. Those rewards can add up to thousands of dollars every year in free money, and include other benefits as well.

We’ve assembled some of the best credit cards for users today. Don’t miss these offers because they won’t be this good forever.

Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.