Dealmaker Irwin Jacobs has sold the consumer goods remarketing arm of his Jacobs Trading Co. in Hopkins for $140 million. Liquidity Services Inc., a Washington, D.C.-based dealer in surplus goods, is buying the unit and said the cash-and-stock deal is expected to close Oct. 1. Liquidity Services will pay an additional $30 million in 2012 and 2013 if the unit fulfills projections. Liquidity Services said the acquisition expands its existing relationship with retail colossus Wal-Mart, and that it will retain the Jacobs Trading team running the unit. With 11 sites around the country, the unit handles returns and damaged and obsolete goods for Wal-Mart and other retailers. Jacobs, chairman of Jacobs Trading, called the sale a win-win and said it “gives the company an opportunity to grow.”
© 2024 Liquidity Services, Inc. | Supplier Code of Conduct | Privacy Policy |
Comments are closed.