OREM — A management group of Unicity Network Inc. executives has purchased the wholly owned subsidiary from its parent company, Royal Numico.
Financial terms of the transaction were not disclosed.
The group was led by Paulo Bangerter and Aaron Webber, who will share executive management responsibilities. Bangerter is chairman and chief executive officer of the acquiring company and former general counsel of Unicity Network. Webber, who will serve as co-CEO of the new company, Unicity International Inc., formerly served as Unicity's executive vice president of global sales.
Former CEO Richard Bizzaro has left the chairman and CEO position after four years with the company.
The new owners said Unicity will sustain its long-standing agreements with Royal Numico for ongoing research and development support and a manufacturing relationship.
Unicity is a direct-sales nutritional and personal-care products company with offices in 13 countries.