WASHINGTON, Oct 16, 2006 (BUSINESS WIRE) — Liquidity Services, Inc. (LSI), a leading online auction
marketplace for wholesale, surplus and salvage assets, today announced
that it has completed the acquisition of the wholesale business of
STR, Inc. (STR) for approximately $10.1 million in cash. The final
purchase price is based on purchase price adjustments as outlined in
the purchase agreement. STR is a California-based remarketer of
reverse supply chain merchandise, including retail customer returns,
overstocks, shelf pulls, and seasonal merchandise, to wholesale
buyers. The closing date of the transaction is October 16, 2006.
“The acquisition of STR strengthens LSI’s business by adding
long-standing relationships with traditional discount store chain
buyers as well as Fortune 500 commercial sellers,” said Bill Angrick,
Chairman and CEO of LSI. “We are excited to now provide these new
clients with access to our innovative online auction platform and
value-added services. The addition of these buyers and sellers
accelerates our self-reinforcing growth dynamic and increases the
value we provide our clients through our online auction marketplace
www.liquidation.com.”
The acquisition will also expand LSI’s presence on the West Coast
through the addition of an approximately 117,000 square foot leased
distribution center in southern California, providing efficiencies for
both domestic and international buyers and sellers.
About Liquidity Services, Inc. (LQDT)
Liquidity Services, Inc. (NASDAQ:LQDT) and its subsidiaries enable
corporations and government agencies to market and sell surplus assets
and wholesale goods quickly and conveniently using online auction
marketplaces and value-added services. The company is based in
Washington, D.C. and has 350 employees. Additional information can be
found at: www.liquidityservicesinc.com.
SOURCE: Liquidity Services, Inc. (LSI)
Liquidity Services, Inc. (LSI)
Julie Davis, 202-558-6234
[email protected]
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