Business
EMERGE Completes Sale of WagJag, Pays Down Senior Credit Facility
EMERGE Completes Sale of WagJag, Pays Down Senior Credit Facility Canada NewsWire ...
About this update from Emerge Commerce Ltd
[{"type":"text","content":"\n \n \n \n EMERGE Completes Sale of WagJag, Pays Down Senior Credit Facility\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n EMERGE has completed the sale of WagJag for\n \n $1M\n \n in cash\n \n \n EMERGE originally acquired WagJag for\n \n $500K\n \n in\n \n November 2017\n \n from Torstar Corp.\n \n \n EMERGE anticipates the sale of WagJag to accelerate further HQ cost savings in relation to servicing the WagJag business\n \n \n Following the Transaction, EMERGE retains 5 brands across 3 main verticals (Pets, Grocery, and Golf) in\n \n Canada\n \n and the U.S., namely\n \n WholesalePet, truLOCAL, Carnivore Club, UnderPar, and JustGolfStuff\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Aug. 10, 2023\n \n \n /CNW/ - EMERGE Commerce Ltd. (TSXV: ECOM) (\"\n \n EMERGE\n \n \", or the \"\n \n Company\n \n \"), a diversified acquirer and operator of niche e-commerce brands, announces that, further to its news release dated\n \n July 24, 2023\n \n , EMERGE has completed the sale of WagJag and BeRightBack to 15124174 Canada Inc., a wholly owned subsidiary of BrandFX (the \"\n \n Buyer\n \n \").\n \n \n Pursuant to the sale of WagJag and BeRightBack (the \"\n \n Transaction\n \n \"), EMERGE received cash consideration of\n \n $1,000,000\n \n on closing of the Transaction, subject to certain closing adjustments.\n \n \n EMERGE originally acquired the business for\n \n $500,000\n \n from Torstar Corp in 2017.\n \n \n EMERGE expects further HQ cost reductions in association with the sale of WagJag, given the reduced overheads required to service the go-forward brand portfolio.\n \n \n \"Having now streamlined our HQ team to oversee our 3 core verticals, we expect to be able to drive significant savings which we plan to reflect in our future results. We have amassed a valuable e-commerce brand portfolio, including multiple profitable businesses that deserve more attention, and we believe the profitable sale of WagJag will facilitate that added focus towards our largest, most compelling opportunities,\" commented Ghassan Halazon, Founder...