HENDERSON, NV / April 7, 2022 / Grove Inc., (NASDAQ:GRVI) (“Grove” or the “Company”) has signed a letter of intent to acquire a pet care company, offering both grooming and nutrition products through multiple sales channels including business to business, eCommerce and Amazon. Grove aims to expand its product offerings through acquisitions made by its brand aggregation division, Upexi.
The deal, if completed, will cement a foothold into the international pet care market, estimated to be a $200 billion market by 2025, growing at 4.9% CAGR. The pet care company is currently selling to the United States, Canada, and Australian markets, which will give Upexi an international presence in the industry. The transaction would be cash flow positive and adds potential revenue growth through additional sales channels and pet care products.
Grove CEO, Allan Marshall, commented, “We’ve been looking to tap into the international pet care industry with our own direct-to-consumer brands. Our patience in finding the best-fitting acquisitions through our Amazon brand aggregator division seems to be paying off and we hope to close this deal in the current quarter.”
About Grove, Inc.
Grove, Inc. is a global innovator in hemp, health and wellness. The company has an array of in-house brands and operates in multiple verticals including SaaS programmatic ad technology, and a wholly owned division dedicated to acquiring high growth e-commerce brands. The company sells to numerous consumer markets including the botanical, beauty, pet care, and functional foods sectors. It seeks to take advantage of an emerging worldwide trend in consumer products selling through Amazon and E-commerce.
Phone: (702) 332-5591
Investor Relations Contact
Phone: (917) 658-2602
This news 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 which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with business strategy, potential acquisitions, revenue guidance, product development, integration and synergies of acquiring companies and personnel. These forward-looking statements are made as of the date of this news release, and we assume 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 accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K and other periodic reports filed from time-to-time with the Securities and Exchange Commission.