Bergio International Acquires E-Commerce Platform for $3.2M
Owning 51 percent of GearBubble’s assets will allow it to expand its reach into the B2B space.
According to a release from the company, Bergio now owns 51 percent of GearBubble’s assets.
GearBubble launched in September 2015. In the past four and a half years, it has processed more than $130 million in sales and five million units sold across a number of categories, including, most recently, jewelry.
In 2020, it reported more than $27 million in revenue.
Under the terms of the deal, Bergio will form an acquisition subsidiary, which will own the 51 percent of GearBubble’s assets, for which the company will pay $2 million in cash at closing and an additional $1.16 million in 15 subsequent monthly cash payments.
The agreement will be executed after a full financial audit of GearBubble by July 1.
The move will strengthen Bergio’s expansion into e-commerce and increase its product categories, allowing the manufacturer to tap into GearBubble’s millions of B2B e-commerce customers and marketing, while allowing the latter to integrate jewelry production.
“We are excited about this acquisition and the possibility to bring high-quality jewelry at a scale to the on-demand e-commerce market,” said GearBubble CEO Donald Wilson. “With the vertical integration of Bergio’s production capabilities, we will be able to better service our millions of customers and scale much faster than we would have ever been able to do on our own.”
Bergio most recently acquired jewelry e-tailer Aphrodite’s, which has done $31 million in sales in three and a half years.
Since the acquisition, Bergio has increased production by more than 100,000 units, the company said, adding that they plan to continue to scale up.
All proceeds of “Juneteenth Medallion” sales, as well as raffle tickets, benefit organizations that support BIPOC.
Millennials were once feared in the diamond industry, but now this younger generation has become today’s largest diamond buying demographic.
Two rough stones, three polished gems, and two jewels are in the museum’s redesigned gem and mineral halls.
The company is implementing a restructuring plan after struggling amid the COVID-19 pandemic.
Gold has had its share of ups and downs over the last 5 decades. Here’s why the metal is having another big comeback.