Engaged in advancing innovative solutions for large-scale market applications
OMER, Israel, Aug. 17, 2021 – Medigus Ltd. (Nasdaq: MDGS), a technology company engaged in advanced medical solutions, innovative internet technologies and electric vehicle and charging solutions, today announced that its 50.03% owned subsidiary, Jeffs’ Brands Ltd. (holding 100% in Smart Repair Pro, Inc. and other wholly owned subsidiaries), a data-driven e-commerce company operating on the Amazon Marketplace, signed a non-binding Letter of Intent to acquire 100% of the issued and outstanding share capital of a private company of branded consumer products, for an initial consideration of $6 million (to be paid in cash and equity) with a potential deferred consideration of up to additional $13.25 million, conditional upon future sales and profitability targets.
The acquisition target company, engaged in the design, manufacturing and marketing of original branded consumer products, are mainly sold at leading North American mass retailers, including Walmart USA, Walmart Canada, Target, Staples, Kroger and more. The target company finished 2020 profitable with $8 million in revenues.
The target company sells proprietary consumer products, 60% of which are sold in the U.S. market. Sales are made through global retailers as well as distributors worldwide.
The target company has online marketing platform, including shops and brands in leading e-commerce websites and stores.
The non-binding LOI to acquire a leading consumer brand, is part of Jeffs’ Brands mission to expand its products portfolio, increase revenue growth, both organic and inorganic, through acquisitions and implement its vast experience and knowledge for the marketing of more brands and products.
Medigus Ltd. is a technology-based company engaged in advancing innovative solutions for large-scale market applications. To learn more about Medigus’ advanced technology, please visit www.medigus.com.