Grove, Inc. Aggregation Division Upexi Acquires LuckyTail Pet Care Company in All-Cash Transaction, Entering the $200 Billion International Pet Market
HENDERSON, NV / August 16, 2022 / Grove Inc. (GRVI) Grove, Inc today announced that its Upexi unit has completed the acquisition of international pet care brand, LuckyTail, Inc. Lucky Tail has a strong presence on Amazon and its online store, offering grooming and nutrition products. The products are also available on Chewy.com. The transaction was an all-cash transaction with additional payments based on growth and performance.
According to information from Fortune Business, the global pet care market size was USD 207.90 billion in 2020. The global impact of COVID-19 has been unprecedented and staggering, pet care products from company that experienced a positive demand shock across all regions amid the pandemic.
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LuckyTail currently sells products in the United States and overseas to the Canadian and Australian markets. Grove plans to expand into new product lines in the United States and international markets this year and ramp up marketing and advertising as quickly as possible.
The deal diversifies Grove’s portfolio and creates a strong position in the pet care industry. With approximately $10 million in past sales, LuckyTail will contribute to both revenue growth and EBITDA for Upexi.
CEO Allan Marshall commented, “The all-cash acquisition of a major brand in a $200+ billion industry is another step towards our goal of accelerating growth in 2023 and beyond. Our direct-to-consumer business continues to fuel our growth, and the completed acquisition of LuckyTail places us in an excellent position to tap into an exciting and high-growth consumer market. We expect our name and symbol to change this week and adding another quality brand to our portfolio is a great way to advance our brand aggregation strategy.”
About Grove, Inc.
Grove, Inc./Upexi, is an aggregation innovator, accelerating Amazon and e-commerce businesses by combining consumer data and vertical integration to scale brands across multiple industries, while reducing costs thanks to a growing distribution network. Through strategic acquisitions, Grove continues to expand into numerous consumer markets and uses its in-house SaaS programmatic advertising technology to help reduce cost per acquisition and accumulate consumer data to increase cross-selling among its growing portfolio. brands.
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