1847 Goedeker Signs Definitive Agreement to Acquire Luxury Florida-based Appliance Retailer

Rhea-AI Summary

1847 Goedeker Inc. (GOED) announced a definitive purchase agreement to acquire a premium Florida-based appliance retailer, enhancing its foothold in the southeastern U.S. market. This strategic move aims to broaden Goedeker's reach and product offerings, particularly in luxury appliances. CEO Doug Moore emphasized the importance of strong customer relationships and brand synergy in this acquisition, which is expected to complete in Q3 2021, pending regulatory approvals.

Positive

• Acquisition strengthens presence in Florida and southeastern U.S. markets.
• Enhances offerings with premium and luxury appliance brands.
• Leverages strong customer relationships from the acquired retailer.

Negative

• None.

BALLWIN, Mo., July 7, 2021 /PRNewswire/ -- 1847 Goedeker Inc. (NYSE American: GOED) ("Goedekers" or the "Company") and its Appliances Connection Business, the largest pure-play online retailer of household appliances in the U.S., today announced it has signed a definitive purchase agreement with a Florida-based, premium and luxury appliance retailer. This strategic acquisition is an early step toward a more significant investment in the Florida market.

"The premium and luxury brands this transaction brings to the Company, as well as their longstanding, strong relationships with customers were what led us to this acquisition," stated Doug Moore, Goedekers' CEO. "Consistent with our long-term strategy, this transaction serves as a steppingstone for our company to expand its reach in the Florida and southeastern U.S. markets, and change the way Americans purchase appliances across the country. The Florida location will serve as a strategic foothold as we continue to expand our current operations and fulfillment centers across the nation."

The transaction is anticipated to be completed during the third quarter of 2021, subject to regulatory approvals and customary closing conditions.

About 1847 Goedeker Inc.
1847 Goedeker Inc. is an industry leading e-commerce destination for appliances, furniture, and home goods. Through its June 2021 acquisition of Appliances Connection, Goedekers created the largest pure-play online retailer of household appliances in the US. With warehouse fulfillment centers in the Northeast and Midwest, as well as showrooms in Brooklyn, New York, and St. Louis, Missouri, Goedekers is a respected nationwide omnichannel retailer that offers one-stop shopping for national and global brands. Goedekers and Appliances Connection carry many household name-brands, including Bosch, Cafe, Frigidaire Pro, Whirlpool, LG, and Samsung, and also carries many major luxury appliance brands such as Miele, Thermador, La Cornue, Dacor, Ilve, Wolf, Jenn-Air, Viking among others and sells furniture, fitness equipment, plumbing fixtures, televisions, outdoor appliances, and patio furniture, as well as commercial appliances for builder and business clients. Learn more at www.Goedekers.com.

Forward Looking Statements

This press release contains "forward-looking statements" that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "seek," "may," "might," "plan," "potential," "predict," "project," "target," "aim," "should," "will" "would," or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on 1847 Goedeker Inc.'s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled "Risk Factors" of the reports that we file with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and 1847 Goedeker Inc. undertakes no duty to update such information except as required under applicable law.

Contacts:

Mike Houston
Lambert & Co.
646-475-2998
mhouston@lambert.com 

 

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SOURCE 1847 Goedeker Inc.

FAQ

What is the purpose of Goedeker's acquisition in Florida?

The acquisition aims to strengthen Goedeker's presence in the Florida and southeastern U.S. markets, allowing for expanded reach and offerings.

When is Goedeker's acquisition expected to be completed?

The acquisition is anticipated to be completed during the third quarter of 2021, subject to regulatory approvals.

What brands will Goedeker offer after the acquisition?

Post-acquisition, Goedeker will enhance its product lineup with premium and luxury brands, improving its competitive position.

How does this acquisition impact Goedeker's growth strategy?

This acquisition aligns with Goedeker's long-term strategy, serving as a stepping stone for further expansion and market penetration.