Grove Inc. Signs Letter of Intent to Acquire Pet Care Company Through Its Amazon Aggregation Division, Upexi

HENDERSON, NV, April 07, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – 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.

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Forward-Looking Statements

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Released April 7, 2022