Envela Seeks Another Recommerce Acquisition
Envela Corporation (ELA) announced that its subsidiary DGSE, LLC is in discussions to acquire Bluebonnet Sterling, LLC, focusing on vintage and estate sterling-silver jewelry. While no definitive agreement is in place, this move aligns with Envela's strategy to expand its presence in the recommerce sector. The acquisition is premised on creating value for shareholders and enhancing the product offering. DGSE specializes in sustainable luxury recommerce, and this potential acquisition aims to bolster the company’s environmentally friendly initiatives.
- Potential expansion into the vintage and estate jewelry market through the acquisition of Bluebonnet Sterling.
- Strengthening of Envela's position in the environmentally friendly recommerce sector.
- Alignment with ongoing business strategy to create synergies and shareholder value.
- No definitive agreement has been reached, creating uncertainty regarding the acquisition.
- Market conditions could impact the successful completion of the acquisition.
DALLAS, TX / ACCESSWIRE / August 11, 2020 / Envela Corporation (NYSE American:ELA) ("Envela" or the "Company") announced today that its wholly owned subsidiary DGSE, LLC has begun discussions to acquire the business assets of Bluebonnet Sterling, LLC.
No definitive agreement has been reached, and there can be no assurance that a definitive agreement will be reached.
Headquartered in Dallas, Texas, Bluebonnet Sterling focuses on recommerce in vintage and estate sterling-silver jewelry and silverware. It seeks all-time best-selling silverware patterns, including both discontinued and currently manufactured patterns.
Envela's ongoing business strategy includes seeking acquisitions with promising synergies, creating value for its shareholders and enhancing its brand by expanding product offerings. Acquiring Bluebonnet Sterling would advance this strategy and expand the Company's presence in the environmentally friendly recommerce sector.
About DGSE
DGSE focuses on sustainable, authenticated recommerce of luxury brands and diamonds. Its retail strategy is anchored in being an information resource for clients, bringing transparency to purchase and sale transactions, and offering value and liquidity to those seeking to buy, sell or trade jewelry, watches, diamonds or coins.
DGSE wholesales and retails jewelry, diamonds, fine watches, and precious metal bullion and rare coin products through its Charleston Gold & Diamond Exchange (www.cdgeinc.com) and Dallas Gold & Silver Exchange (www.dgse.com) operations.
DGSE strives to deliver an unrivaled customer experience. It features a broad selection of high-quality vintage and new jewelry, precious-metal bullion, rare coins, fine timepieces and diamonds, together with value pricing and a customer-friendly sales process.
DGSE has specialized in buying and selling jewelry for over 40 years, making its expert staff among the best in the business.
About Envela
Envela and its subsidiaries engage in diverse business activities within the recommerce sector. These include recommercializing luxury hard assets, consumer electronics and IT equipment; and end-of-life recycling solutions. Envela assesses its inventory of recommerce purchases for their potential to be refurbished and resold as whole goods or to be recycled for component parts or precious-metal value. Envela also offers comprehensive recycling solutions for a variety of other companies seeking responsibly to dispose of end-of-life products. Envela operates primarily via two business segments. Through DGSE, LLC the Company recommercializes luxury hard assets via Dallas Gold and Silver Exchange, Charleston Gold & Diamond Exchange, and Bullion Express brands. Through ECHG, LLC, the Company operates Echo Environmental Holdings, ITAD USA Holdings, and Teladvance, which recommercialize primarily consumer electronics and IT equipment and provide end-of-life recycling services for various companies across many industries. Envela operates at the retail and wholesale levels, through distributors, resellers, dedicated stores and online. Envela is a Nevada corporation, headquartered in Dallas, Texas.
Additional information about Envela is available at its investor-relations website, Envela.com.
Forward-Looking Statements
This press release includes statements that may constitute "forward-looking" statements, including statements regarding potential future asset acquisitions, future growth, business strategies, and the future success of the Company and its subsidiaries. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, market conditions and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release except as required by law.
Investor Relations Contact:
David Vadala
Head of Investor Relations
Envela Corporation
13022 Preston Rd Dallas, TX 75240
972.587.4030
SOURCE: Envela Corporation
View source version on accesswire.com:
https://www.accesswire.com/601082/Envela-Seeks-Another-Recommerce-Acquisition
FAQ
What is Envela Corporation's plan regarding Bluebonnet Sterling?
When did Envela announce discussions for the acquisition of Bluebonnet Sterling?
What market does Bluebonnet Sterling operate in?
What synergies does Envela expect from the Bluebonnet Sterling acquisition?
What is Envela Corporation's stock symbol?
