NewAge Beverages Corporation CEO Brent Willis
The direct selling company NewAge (NBEV), Inc. (Nasdaq: NBEV) announced the opening of the Brazilian market in mid-October 2020. Immediately after the announcement, the share price rose 7 percent as Brazil ranks among the top markets for direct selling companies. The NewAge office is located in the metropolis of São Paulo.
Expansion results from merger with ARIIX
According to NewAge, the expansion to Brazil results from the merger with the MLM company ARIIX. NewAge and ARIIX announced their plans to merge on July 20, 2020. In addition to cost synergies of more than 20 million US dollars, NewAge also identified the possibility of increasing sales by cross-selling products to ARIIX sales partners.
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