On December 21, 2018, Charles Wachsberg and Richard Wachsberg, co-founders of Apollo Health and Beauty Care, assumed the positions of co-CEOs of Acasta Enterprises Inc. (TSX: AEF).
The Wachsbergs, collectively controlling 36% of Acasta, will also replace the entire Acasta board. The company may change its name as well.
Acasta Enterprises Inc. was incorporated on June 19, 2015, as a special purpose acquisition corporation (SPAC) or a blank check company.
Generally, a blank check company would complete a qualifying acquisition (QA) with the target company management assuming the control and management.
Led by Anthony Melman, former Managing Director of ONEX Corporation (TSX: ONEX), and with the backing of a founder group consisting of Who’s Who of elite business leaders, Acasta set up an ambition to build an empire rivaling ONEX in a quick short time.
Acasta completed not one but three QAs including Apollo, funded with debt financing. Acasta has since been forced to sell the two other acquired companies, JemPak and Stellwagen Finance, with Apollo remaining the main business assets.
Acasta Enterprises is now back to basic and running by founders of Apollo.
Toronto based Apollo is a premium developer of Private Label Health and Beauty Care Products.
photo credit: Apollo Health and Beauty Care
Acasta Announces Board Changes and New Co-CEOs
TORONTO, (December 21, 2018) – Acasta Enterprises Inc. (TSX:AEF) (“Acasta”) announces it has agreed with Charles Wachsberg and Richard Wachsberg, who together own approximately 36% of Acasta and are the co-founders of Apollo Health and Beauty Care (“Apollo”), to replace the Board of Directors (the “Board”).
The current Board and the Wachsbergs were not able to agree on strategy going forward and, accordingly, Geoff Beattie, Robert Schwartz and Jay Swartz have stepped down as Acasta directors and Ian Kidson has stepped down as Interim CEO and director.
Stan Bharti, Carlo LiVolsi, Jeffrey Spiegelman, Richard Wachsberg and Charles Wachsberg have joined the Board. The new Board has appointed the Wachsbergs as co-CEO’s of Acasta.
Acasta Enterprises Inc.
Lawrence Wilder, 1-416-597-6762