Liquidity Services, Inc. (LSI), an online auction marketplace for wholesale, surplus and salvage assets, announced it has agreed to acquire the Geneva Group, including Geneva Industries Ltd., Willen Trading Ltd., and Geneva Auctions Ltd., for approximately $17 million in cash and contingent earn-out payments worth up to an aggregate of approximately $2.9 million payable over the next three years. The Geneva Group is a UK-based remarketer of reverse supply-chain merchandise, including customer returns and overstock merchandise. The acquisition is expected to close within 90 days of the announcement and is subject to customary closing conditions and post-closing purchase price adjustments related to working capital items. LSI expects the transaction to add approximately $23 million in revenues and one to two cents per share to its fiscal year 2009 results.
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Liquidity Services, Inc. (LSI), an online auction marketplace for wholesale, surplus and salvage assets, announced it has agreed to acquire the Geneva Group, including Geneva Industries Ltd., Willen Trading Ltd., and Geneva Auctions Ltd., for approximately $17 million in cash and contingent earn-out payments worth up to an aggregate of approximately $2.9 million payable over the next three years. The Geneva Group is a UK-based remarketer of reverse supply-chain merchandise, including customer returns and overstock merchandise. The acquisition is expected to close within 90 days of the announcement and is subject to customary closing conditions and post-closing purchase price adjustments related to working capital items. LSI expects the transaction to add approximately $23 million in revenues and one to two cents per share to its fiscal year 2009 results. 