MinterEllison advises Australian Life Tech on its 80% sale to My DNA Life

ALT is a digital fitness, wellbeing and nutrition company founded in 2016 by Sam Wood (the former The Bachelor Australia contestant) and his business partner, David Jackson (CEO). Since its establishment, ALT has developed a broad business to consumer platform with various digital fitness and nutrition products marketed under the ’28 by Sam Wood’ brand. Its ‘at-home’ digital fitness programs reach more than 400,000 participants.

The purchaser, My DNA Life, is a genomics company that provides genealogy, laboratory clinical testing and subscription services aimed at helping consumers unlock the data in their DNA in order to inform health, medical and lifestyle decisions.

My DNA Life’s stakeholders are now seeking to monetise on their partnership with Sam Wood and to apply their genetic information to fitness programs.
Following a pre-completion restructure, involving the transfer of various intellectual property, the transaction was undertaken by way of share sale, with the shareholders selling down 80% of their equity holding in ALT to My DNA Life.

The consideration for the transaction was a combination of cash and scrip in MYDNA Inc. Put and call options were put in place over the remaining 20% stake in ALT with the exercise period commencing on the occurrence of key milestones. The deal value for ALT as a whole is approximately AU$71m.

Sam Wood will remain with ALT as an employee, director and ambassador for the ’28 by Sam Wood’ brand. The parties have agreed to terms in a Persona Licence Deed that will govern the use of Sam’s persona in connection with the promotion of ALT as it transitions to My DNA Life majority ownership.

ALT was sold following a competitive sale process undertaken by Melbourne based boutique advisory firm, Canterbury Partners.

The MinterEllison team was led by Kate Koidl, Partner, Transaction Solutions.

“We were delighted to support Australian Life Tech on this milestone transaction. The merger illustrates the growing importance of technology and data in enhancing and elevating health and wellbeing services for the community,” Ms Koidl said.

MinterEllison is advised by the parties that myDNA is looking to list in the United States in the near future.

Ms Koidl was supported by a team across MinterEllison, including specialists in finance, tax and commercial and regulatory considerations.

/Public Release.