Liquidity Services to buy consumer goods business

Post on: 2011-09-05 By: admin

NEW YORK (AP) — Liquidity Services Inc. said Thursday it plans to buy Jacobs Trading Co.'s consumer goods remarketing business in a deal valued at $140 million.The Washington, D.C. auction house said the acquisition will expand its relationship with WalMart, as well as add manufacturing clients, products and buyers to its consumer goods business. It will retain Jacobs Trading's management team and employees.Jacobs Trading's consumer goods business reported revenues of $65.3 million. It has grown revenues more than 20 percent for each of the past three years.Liquidity Services will pay $80 million in cash, $40 million in a promissory note and another $20 million in common stock. The payout could rise by as much as $30 million if certain financial targets are met.The deal, which must be approved by regulators, is expected to close in the first quarter of Liquidity Services' 2012 fiscal year.
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