Grove: Aggregation Division, Upexi, Acquires LuckyTail Pet Care Company in All-Cash Transaction, Entering $200 Billion International Pet Market – Form 8-K


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.

Read more on:-

https://www.fortunebusinessinsights.com/pet-care-market-104749

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.

Company details

André Norstrud

E-mail: [email protected]

Phone: (702) 332-5591

Investor Relations

TraDigital IR

John McNamara

E-mail: [email protected]

Phone: (917) 658-2602

Forward-looking statements

This press release contains “forward-looking statements” as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release that are not purely historical are prospective. forward-looking statements and include any statement regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in the forward-looking statements due to many factors. These factors include, among others, inherent uncertainties associated with business strategy, potential acquisitions, revenue forecasts, product development, integration and synergies of acquiring companies and personnel. These forward-looking statements are made as of the date of this press release, and we undertake no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be correct. Investors should review all of the information set forth in this document and should also refer to the disclosure of risk factors described in our Annual Report on Form 10-K and other periodic reports filed from time to time with the Securities and Exchange Commission.

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