GRVI - Grove signs LOI to acquire a pet care company

Grove (NASDAQ:GRVI) has signed a letter of intent to acquire a pet care company its brand aggregation division, Upexi. Terms of the transactions were not disclosed. The pet care company is offering both grooming and nutrition products through multiple sales channels including business to business, eCommerce and Amazon. The deal will expand company's footprint into the international pet care market, estimated to be a $200B market by 2025, growing at 4.9% CAGR. The pet care company is currently selling to the United States, Canada, and Australian markets. The transaction would be cash flow positive and adds potential revenue growth through additional sales channels and pet care products. Shares up 12.4% premarket.

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Grove signs LOI to acquire a pet care company