Hilco Merchant Resources acquires daily deal e-commerce brand Deal Genius
Deal Genius was launched as a flash retail sales web business in 2004 and has become one of the leading online e-commerce sites in North America with millions of retail transactions completed. The site delivers daily deals on brand name home goods, apparel, consumer electronics, pet supplies and unique one of a kind merchandise. The company was founded by CEO, Chris Matsakis who will continue in that role going forward. As a result of Chris’ leadership, today, Deal Genius is one of the top rated and reviewed digital retailers available to consumers.
Michael Keefe, CEO of HMR indicated that the acquisition of this recognized e-commerce business delivers upon an important part of the retail disposition firm’s continued growth and expansion plans. Mr. Keefe said, “This is a strategic move for HMR and a transaction that we’ve been evaluating for some time while reviewing whether to build out or to buy an e-commerce platform to complement our other successful sales channels. Deal Genius provided us with both an immediately recognized e-commerce brand name, and the opportunity to tap into the knowledge and expertise of the innovative management team that built the successful online retail business from scratch.”
Mr. Keefe indicated that Deal Genius will continue to be managed as an independent business within HMR, the leading retail disposition firm and unit of Hilco Global (www.hilcoglobal.com). Additionally, he explained that the business will continue to run by its current CEO and Founder Chris Matsakis, who will be responsible for both integrating the company into HMR and expanding the e-commerce site with new products and services including an infusion of merchandise from various HMR retail projects.
Mr. Keefe continued, “We know that value oriented shoppers benefit the most when e-commerce intersects with our current retail and wholesale business. By adding Deal Genius to our current suite of services we will now provide our clients with a fully integrated and highly efficient additional channel to promote and monetize their surplus and excess inventory. The result will be a greater offering to the consumer at outstanding values.”
Mr. Matsakis, CEO of Deal Genius said, “I’m thrilled to be joining forces with Hilco Merchant Resources which will provide us with access to a regular flow of great retail inventory, growth capital and outstanding retail relationships at the highest level. This new partnership will enable us to continue to grow and expand our e-commerce brand and deliver an even wider selection of recognized brand name merchandise, hard to find products and everyday basics at unbeatable prices.”
Mr. Keefe indicated that the deal is a “win-win” situation, not only allowing HMR to gain an even broader sales channel and new direct access to deal conscious consumers for current and future retail disposition clients, but it also “allows consumers to enjoy even greater discounts and values on a wider selection of brand name merchandise typically offered by HMR only in brick and mortar retail store sale events”.
Keefe continued, “Deal Genius affords HMR the ability to continue to offer best-in-class retail inventory monetization and advisory services to clients, while at the same time adding a critical digital dimension to its sales and distribution channels.”
The acquisition closed on July 22, 2015.