Former High Flying One Kings Lane Sold To Bed Bath & Beyond for "Not Material Amount"

WebProNewseCommerce

Share this Post

Screen Shot 2016-06-14 at 5.36.49 PM

One Kings Lane, once holding a valuation of $900 million was purchased for an undisclosed amount by Bed Bath & Beyond.

"We have followed One Kings Lane and loved its site since its inception, and we are thrilled for the opportunity to provide them with additional support and exposure to promote and grow their brand," noted Steven H. Temares, Chief Executive Officer and Member of the Board of Directors of Bed Bath & Beyond Inc. "At the same time, One Kings Lane will serve as a cornerstone for Bed Bath & Beyond's growing offerings in furniture and home décor, and together we will be able to do even more for and with our collective customers wherever, whenever and however they wish to interact with us, and to further our mission to be viewed as the expert for the home."

"We are excited to be part of the Bed Bath & Beyond family," stated Dinesh Lathi, Chief Executive Officer of One Kings Lane. "This is a tremendous opportunity for our customers, as well as our employees and business partners, to benefit from additional support and resources and gain exposure to new customers. We look forward to being able to continue to differentiate our product offerings and refine our point of view to further delight our current and future customers."

According to Bed Bath & Beyond the price paid was not material to them and the company expects the transaction to be only slightly dilutive to its net earnings per diluted share for fiscal 2016. According to Dan Primack who covers deals for Fortune, "Bed Bath & Beyond has just $600 million in cash on hand, prior to One Kings Lane purchase." So it couldn't have had much of a valuation if its not material to their earnings.

WebProNews
WebProNews | Breaking eBusiness News Your source for investigative ebusiness reporting and breaking news.