Expands the brands' reach to Amazon’s most dominant territory
Tel Aviv, Israel, March 15, 2023 (GLOBE NEWSWIRE) -- Jeffs' Brands Ltd (“Jeffs’ Brands” or the “Company”) (Nasdaq: JFBR, JFBRW), a data-driven e-commerce company operating on the Amazon Marketplace, today announced that it has launched sales of its recently acquired brands of pest control products on Amazon Marketplace in the United States.
To date, the five private label brands had been sold mainly on Amazon.uk, generating approximately $5.8 million in revenues for 2022. The Company's main goal is the expansion of the brands' and products’ global reach.
According to ResearchDive, the North America rodent control market accounted approximately $1.6 billion in 2020 and is projected to grow with a CAGR of 5.2%. Pest control, which also includes rodent control, is an important industry in the U.S. as it ensures health & safety of people as well as industries that are infected by pests such as rodents.
"We believe our advanced technologies, unique marketing and advertising methods and professional team, enable us to identify and acquire brands and companies that operate in attractive sectors, expand their reach and potentially increase revenues," said Viki Hakmon, Chief Executive Officer of the Company. "Today we are taking the first step to leverage our new brands and products, targeting the leading market in the world. It is our intention to continue supporting and driving our brands forward."
The Company acquired the brands in connection with its previously announced acquisition of Fort Products Ltd, (“Fort”), a market leader in pest control products sold in several market niches of pest control products, which closed on March 9, 2023. Fort’s products’ estimated market share on Amazon.uk during 2022 was between 35.7% and 26.5%, as of July 2022. Currently, Fort’s brands and products have over 55,000 reviews, 82% of which are 4- and 5-star reviews.
At the closing, the Company acquired all of the outstanding shares of Fort for £1,600,000 (approximately $1,920,000) in cash, subject to a net working capital adjustment to be calculated in accordance with a pre-agreed formula. The adjusted purchase price is estimated to be approximately £2,000,000 (approximately $2,400,000). Such estimation is subject to a post-completion reconciliation by Jeffs’ Brands.
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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