Jeffs' Brands Ltd (NasdaqCM:JFBR) entered into an agreement to acquire 100% stake in Fort Products Limited for £1.6 million on March 2, 2023. The deal is subject to a net working capital adjustment to be calculated in accordance with a pre-agreed formula. Such estimation is subject to a post-completion reconciliation by Jeffs' Brands. Upon execution of the Agreement, £0.4 million has been placed in escrow and is subject to forfeiture in certain circumstances. The completion of the Transaction is conditioned upon the Company entering into settlement agreements with all of its employees by which such employees' employment with the Company will terminate 3 months following the completion of the Transaction. During this period, Jeffs' Brands intends to carry out operational changes in the Company's business that will allow the Company to wind down the activities conducted in its leased warehouse and to move all such operations to Amazon warehouses. The sellers have agreed to continue providing the Company consultancy services for a 3-month period, in consideration for a monthly fee of £2,500 and have undertaken not to compete with the Company for a period of 3 years from completion of the Transaction. Fort's products generated approximately £4.8 million in revenues for the year ended December 31, 2022.

Jeffs' Brands Ltd (NasdaqCM:JFBR) completed the acquisition of Fort Products Limited for £1.6 million on March 9, 2023.