NEWS
CEA Industries Inc. Negotiating to Acquire a Leading Specialty Retailer
Tuesday, 3rd December at 9:20 am
Louisville, Colorado, Dec. 03, 2024 (GLOBE NEWSWIRE) -- CEA Industries Inc. (NASDAQ: CEAD, CEADW)) ("CEA Industries" or the "Company"), today announced that it is under a non-binding Letter of Intent ("LOI")") to acquire a leading specialty retailer and manufacturer (the "Target"), which would be paid for with a combination of cash, CEA Industries common shares, and debt.
"This proposed transaction offers an exciting opportunity for our shareholders to benefit from a growing and profitable business operating in a high-demand industry," said Tony McDonald, Chairman and CEO of CEA Industries. "The Target has a demonstrated track record of double-digit revenue growth, consistent profitability, and positive cash flow. Building on the Target's solid foundation in a fragmented industry, we plan to utilize our strong balance sheet to scale an even larger specialty retail footprint and drive further growth and enhanced levels of profitability. We are excited about the opportunities this acquisition brings to deliver long-term value to our shareholders."
The Target has more than 30 retail locations over a broad geography, with a deep portfolio of trademarks and intellectual property. The Company intends to utilize its strong balance sheet to further expand the Target's retail footprint through the acquisition of additional stores as well as opening de novo stores, enabling broader market reach and customer accessibility. Additionally, CEA Industries plans to grow the Target's manufacturing business that supplies house brand and white-label products to other retailers. These strategic initiatives will enable the Company to build on the target's solid foundation, accelerate growth, and enhance profitability and operational excellence.
The Company expects to sign a definitive agreement to acquire the Target before year end, with a closing of the transaction targeted for the first quarter of 2025, pending customary closing conditions. Mr. McDonald added "we look forward to sharing more about this very exciting development in the near future."
Tuesday, 3rd December at 9:20 am
Louisville, Colorado, Dec. 03, 2024 (GLOBE NEWSWIRE) -- CEA Industries Inc. (NASDAQ: CEAD, CEADW)) ("CEA Industries" or the "Company"), today announced that it is under a non-binding Letter of Intent ("LOI")") to acquire a leading specialty retailer and manufacturer (the "Target"), which would be paid for with a combination of cash, CEA Industries common shares, and debt.
"This proposed transaction offers an exciting opportunity for our shareholders to benefit from a growing and profitable business operating in a high-demand industry," said Tony McDonald, Chairman and CEO of CEA Industries. "The Target has a demonstrated track record of double-digit revenue growth, consistent profitability, and positive cash flow. Building on the Target's solid foundation in a fragmented industry, we plan to utilize our strong balance sheet to scale an even larger specialty retail footprint and drive further growth and enhanced levels of profitability. We are excited about the opportunities this acquisition brings to deliver long-term value to our shareholders."
The Target has more than 30 retail locations over a broad geography, with a deep portfolio of trademarks and intellectual property. The Company intends to utilize its strong balance sheet to further expand the Target's retail footprint through the acquisition of additional stores as well as opening de novo stores, enabling broader market reach and customer accessibility. Additionally, CEA Industries plans to grow the Target's manufacturing business that supplies house brand and white-label products to other retailers. These strategic initiatives will enable the Company to build on the target's solid foundation, accelerate growth, and enhance profitability and operational excellence.
The Company expects to sign a definitive agreement to acquire the Target before year end, with a closing of the transaction targeted for the first quarter of 2025, pending customary closing conditions. Mr. McDonald added "we look forward to sharing more about this very exciting development in the near future."
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