EXCLUSIVE: Grove Acquires Controlling Stake In Amazon Seller Cygnet

by Shivani Kumaresan, Benzinga Staff Writer

April 20, 2022 8:03 AM | 1 min read | Make a Comment

Grove Inc GRVI said its wholly-owned Amazon brand aggregator, Upexi, has acquired a controlling interest in Cygnet Online LLC, an Amazon and eCommerce seller.
The deal is expected to expand Cygnet’s product offerings through Grove distributors and partnerships.
Cygnet, a secondary market seller on Amazon, focuses on the OTC (Over-the-Counter), supplements, and beauty markets.
The acquisition was completed with a combination of stock, cash, and debt.
“Cygnet’s team and its 11-year experience on Amazon will help facilitate the growth of our in-house, eCommerce brands and all future acquisitions,” said CEO Allan Marshall.
Grove held $6.6 million in cash and equivalents as of December 31, 2021.
Price Action: GRVI shares traded higher by 5.38% at $4.90 premarket on the last check Wednesday.