If completed, it would be the Company’s first acquisition since the completion of its IPO
Tel Aviv, Israel, Oct. 20, 2022 (GLOBE NEWSWIRE) -- Jeffs' Brands Ltd (the “Company”, Nasdaq: JFBR), a data-driven e-commerce company operating on the Amazon Marketplace, today announced that it has entered into a non-binding letter of intent for the purchase of an Amazon Marketplace brand for $2.5 million in cash.
The acquisition is subject to, among other matters, a due diligence review by the Company and the negotiation and the signing of a binding definitive agreement. There can be no assurances that any component of the acquisition will proceed, nor can there be any assurance as to the final definitive terms thereof.
The brand offers nutritional supplements, focusing on consumers' health, wellness, and longevity throughout their life. The brand's mission is to create premium quality supplements using safe, naturally sourced, proven ingredients combined with the best methods available in nature and science and manufactured in the United States.
With estimated annualized revenues of approximately $2.7 million in 2022, the brand has more than 22,000 positive individual product reviews.
"Acquiring new brands is a key component of our plan for continued growth. As a result of our advanced technological tools, we can identify trending categories, popular products, and high potential brands on Amazon Marketplace. It is our intention to expand the brand's activity and improve its results by utilizing our technology, experienced team, and high capabilities," said Viki Hakmon, Chief Executive Officer of the Company. "It is our first planned acquisition since our initial public offering, and we plan to examine other acquisition targets in the future."
About Jeffs’ Brands Ltd
Jeffs' Brands is transforming the world of e-commerce by creating and acquiring products and turning them into market leaders, tapping into vast, unrealized growth potential. Through our stellar team’s insight into the FBA Amazon business model, we’re using both human capability and advanced technology to take products to the next level. For more information on Jeffs’ Brands Ltd visit https://jeffsbrands.com.
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