WebsiteClosers.com Sells Businesses that are focused on the Internet and Technology
WebsiteClosers.com, the world’s largest Business Broker focused in the SMB & Lower Middle Market for Technology and Internet Brands, announces the sale of Beard King, a brand that became famous after being focused on Shark Tank. The acquisition was completed by Thras.io and purchased from Viraj Patel, an individual. The terms of the deal are not being disclosed for confidentiality purposes, but Mr. Patel confirmed that multiple offers were received, and the company sold around the Asking Price.
Nate Lind, a Franchise Owner and Senior Broker with Website Closers, managed sell-side for the transaction. Mr. Lind stated, “Beard King offers grooming and care packages that assist in transforming the everyday man into a stylish and sophisticated gentleman. After Beard King was showcased on NBC’s, The Shark Tank, Mr. Patel acquired the company from Nicholas Galekovic. We worked hand in hand with Mr. Patel while he grew the company after the initial purchase, and then culminated in another transaction with Thras.io.”
Beard King is primarily an Amazon.com brand – operating as an Amazon FBA business has made the company easy to operate, easy to manage and easy to scale. Thras.io is one of the largest eCommerce Aggregators in the U.S. Headquartered in Walpole, Massachusetts and launched in 2018 by co-founders and co-CEOs Carlos Cashman and Joshua Silberstein, Thras.io has acquired more than 200 brands and posted over $1 billion in annual revenue. It is expected that the company will continue to operate primarily as an Amazon FBA Business, with the opportunity to continue to scale product lines, add new marketplaces, and develop a more DTC approach to acquiring customers.
According to Mr. Lind, “Their signature item is the beard bib grooming cape. This headgear transforms you into something like a platypus and collects all beard trimmings, which can be thrown in the trash without worrying about your spouse or girlfriend reprimanding you for hair in the sink.” On “Shark Tank,” Nicholas and Alessia Galekovic presented the Beard Bib, which features a holder that holds hair clips securely in place using two suction cups.
The fact that Website Closers has helped yet another client to purchase, grow and sell a successful business will not surprise the many people who have worked with the company. Nate Lind and his team have earned a well-deserved reputation for treating every client’s business as if it were their own, and doing everything they can to make clients as much money as possible while also saving on expenses. “About two weeks after Beard King first went live, we had an offer, and we had over 80 buyers express interest in the first three days from when we listed. What’s so staggering right now is we’re having 500 to 800 new buyers a week looking for listings. So, we’ve got this flood of new buyers looking at businesses,” Lind said.
As Patel noted, he is definitely pleased with his experience working with WebsiteClosers.com. “I felt like it was a pretty high listing price, but I thought ‘let’s see what happens’ and it worked out. Sometimes you undervalue what you have. It worked out well too because it was a quick close. And I think I ended up getting even more money than I was initially going to get because I had a strong month going into the close, almost three times what I did last year, and I was like, wow, this just brought the multiple up,” Patel said.
People who are wondering “What was the selling process like?” are welcome to watch the linked video on YouTube.