Company buys Irwin Jacobs’ non-marine businessPosted on
Liquidity Services, which provides online marketplaces for surplus assets, announced it is acquiring the consumer goods remarketing business of Jacobs Trading Co., owned by Irwin Jacobs.
Liquidity Services is paying $140 million, plus potential performance-based consideration, for the company. The purchase will be financed with a combination of cash, a seller note and Liquidity Services common stock, the company announced.
It is expected to close in the first quarter of Liquidity Services’ 2012 fiscal year.
“The acquisition of Jacobs Trading is perfectly aligned with our strategy of creating a diversified $1 billion growth business and further penetrating the $60 billion U.S. retail market opportunity for our services. We believe that Jacobs Trading is a natural complement to our organization and a winning proposition for Liquidity Services’ and Jacobs Trading’s growing network of Fortune 500 clients and buying customers,” Bill Angrick, chairman and CEO of Liquidity Services, said in a statement.