Yooma Wellness Inc (CSE:YOOM, OTC:LVVEF, AQSE:YOOM, FRA:7AI) is paying US$12mln for a retail business which it is says provides it with a “solid foothold” in Japan as well as access to “diverse new products”.
Tokyo-based Vertex Co sells its proprietary range via home shopping networks such as QVC, Fuji TV and Nihon TV as well as online marketplaces such as Rakuten, Yahoo! Shopping and Amazon. It also has its own e-commerce presence called Shop-V.
Yooma has handed over an initial US$2.5mln in cash, which will be followed by tranches of U$6.5mln and US$3mln in 2023 and 2024 respectively.
"We are very pleased Yooma has acquired Vertex, whose business and product offerings will expand the scope of our platform in size, diversity and geographic reach," said Yooma chairman Lorne Abony.
“This third acquisition marks the successful completion of the first phase of the strategic plan we outlined to investors earlier this year.
“We continue to identify and evaluate other potential strategic acquisitions that will be accretive to our platform while focusing on integrating the exciting new brands, businesses and product lines we have acquired in the last two months."