Business
PLBY Group Closes Previously Announced Acquisition of Lovers
Acquisition of Leading Sexual Wellness Omni-Channel Retailer Further Solidifies Leadership in Sexual Wellness Category LOS ANGELES, March 02, 2021 (GLOBE
About this update from Playboy, Inc.
[{"type":"text","content":"Acquisition of Leading Sexual Wellness Omni-Channel Retailer Further Solidifies Leadership in Sexual Wellness Category\nLOS ANGELES, March 02, 2021 (GLOBE NEWSWIRE) -- PLBY Group, Inc. (Nasdaq: PLBY) (the “Company”), a leading pleasure and leisure lifestyle company and owner of Playboy, one of the most recognizable and iconic brands in the world, today announced the completion of its previously announced deal to acquire TLA Acquisition Corp., the parent company of the Lovers family of stores (“Lovers”), a leading omni-channel online and brick-and-mortar sexual wellness chain, with 41 stores in five states. The acquisition of 100% of the equity of Lovers was completed for a purchase price of $25M of cash. Lovers is expected to generate $45M in revenue over the next twelve months, and approximately $5M of Adjusted EBITDA. The deal is immediately accretive to shareholders on a per share basis. Barbara Cook, CEO of Lovers, will join PLBY Group as Executive Vice President, Sexual Wellness working across PLBY Group’s Sexual Wellness brands and product lines, and remain at the helm of Lovers as its Chief Executive Officer. “We are thrilled to officially welcome the Lovers team to PLBY Group. This transaction accelerates our company’s Sexual Wellness growth strategy with a new owned distribution platform, superior merchandising leadership, and strong product innovation capabilities,” said Ben Kohn, CEO of PLBY Group. “Lovers intimacy offerings align with the fastest growing category on our Yandy platform, and Lovers brick-and-mortar and digital retail footprint represents immediate expanded distribution for Playboy-branded Sexual Wellness offerings. While we are not factoring in synergy opportunities today, we expect to drive significant operational efficiencies in a post-Covid world. We also plan to move quickly in a post-Covid environment to aggressively expand Lovers domestically, digitally, and internationally leveraging the Playboy brand’s global awareness and operations.” Mr. Kohn continued, “Most importantly, I couldn’t be more excited to welcome the CEO of Lovers, Barbara Cook, and the whole Lovers team to PLBY Group. Barbara brings with her more than two decades of retail and merchandising leadership experience from retail giants like Gap, Inc. and Starbucks, and we are eager to apply her expertise across our whole company.” “T...