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Lehi — CVSL Inc. and Agel Enterprises LLC have signed a letter of intent for CVSL to acquire Agel.
Founded in 2005 and based in Utah, Agel offers a line of nutritional gel supplement products in markets around the world, including Europe, North America, Latin America and Asia.
CVSL chairman John Rochon said that acquiring Agel will allow CVSL to enter the $32 billion nutritional supplement market as well as the $90 billion skin care market.
"Each of the direct selling companies CVSL has or is in the process of acquiring represents an important and distinct category," Rochon said. "We especially like the fact that Agel has an established presence in key international markets, with particular strength in Europe and Russia."
Agel currently offers a line of skin care products under the brand Ageless. "We believe that Ageless is an excellent base on which we can build to significantly expand Agel's skin care line," Rochon said.
CVSL intends for current Agel management to continue in its present roles. Jeff Higginson, co-CEO of Agel, said that signing a letter of intent to join CVSL is "a major step forward for Agel's future."
"We are very impressed with John Rochon's strategy for CVSL," Higginson said.
Agel sells in more than 40 countries around the world.