Jeffs' Brands Acquires Fort Products For $1.9M

Jeffs' Brands Ltd JFBR has entered into a definitive agreement to acquire the entire share capital of Fort Products Ltd for $1.92 million.
Fort Products is a company incorporated in England and Wales and engaged in the sale of pest control products primarily through Amazon.Com, Inc. AMZN Amazon.uk.
Pursuant to the agreement, Jeffs' Brands will acquire all of the outstanding shares of Fort, which operates five private label brands currently being sold on Amazon.uk and on other Ecommerce channels, in cash.
Fort products' estimated market share on Amazon.uk was between 35.7% and 26.5%, as of July 2022, and generated about £4.8 million ($5.8 million) in revenues for the year ended Dec. 31, 2022.
The adjusted purchase price is estimated to be approximately £2 million ($2.4 million).
Upon execution of the agreement, £400,000 has been placed in escrow and is subject to forfeiture in certain circumstances.
"Our plan is to expand the reach of Fort's products by expanding to new territories and online platforms, a process we engage in for all of our brands," said CEO Viki Hakmon.
Price Action: JFBR shares are trading higher by 1.79% at $1.14 on the last check Monday.