CGrowth Capital Inc. Announces the acquisition of Savage Barbell Apparel Company
McapMediaWire -- CGrowth Capital Inc. (OTC: CGRA) is a public Mergers and Acquisition Company focused on disrupting the sports and lifestyle sectors through the acquisition, consolidation and reformation of industry-leading products and services combined with disruptive technology. In its first of several deals, CGrowth Capital (CGRA) has today announced that it has acquired 100% of the California based Savage Barbell Apparel Company.
The acquisition of Savage Barbell is the first of many to be completed in the first half of 2023 and is a significant step towards the implementation of CGRA’s roadmap, which involves establishing scalable product and technology offerings that will be integrated across various sports verticals. The company’s medium to long-term vision is to be integral in the entire value chain of the sports sector, right through its entire life cycle from training to media content. This includes but is not limited to pre, intra and post-game technology, equipment, apparel including wearable technology, nutrition, venue technology, pay per view streaming and sports betting.
Although CGRA itself is not focused on becoming a retailer, it knows the importance of rapidly increasing its revenue and profitability, with critical mass featuring as an essential element of the business plan, especially within in the first 12 months. CGRA’s first acquisition is strategically significant given that all sports which the company will be involved in consume and require huge volumes of apparel and merchandise. This will allow Savage Barbell to expand its distribution globally and increase its offering into additional sporting lines. Furthermore, CGRA is able to leverage immediate sales and revenue into all the sports it will be involved in.
Savage Barbell already sells its products in more than 10 countries. At present, it is specifically focused on the niche market of functional fitness, which includes apparel for cross fit, the world’s fastest growing high intensity sport. The majority of Savage Barbell’s sales are currently within the USA and a realistic target has been set for expansion from 10 to at least 20 countries in 2023. The company will further expand its range into sports where CGRA is expected to announce its involvement in during the remainder of this first quarter, with these sports already followed by tens of millions of participants and several hundred million spectators. Alongside Savage Barbells expansion of its manufacturing and distribution capability, the company expects to increase its sales run rate from $5 million to $20 million by the end of 2024.
The acquisition of Savage Barbell was paid for with a combination of restricted common shares and cash to the total of $700,000. The current CEO will remain with the business for 6 months while the Savage Barbell team expands and recruits additional key personnel. CGRA’s soon to be announced experienced new board and management team will play an instrumental role in driving exponential growth of Savage Barbell alongside the businesses that are being added.
A link to the Savage Barbell website can be found here: https://savagebarbell.com
Sport is a more than $500 billion market which touches almost every person’s life in some way, regardless of race, gender, religion, or geography. However, many traditional sports have seen their followings stagnate, often resulting from their stale or bureaucratic approach which has caused them to lose their spectator value and engagement. CGRA has identified several lucrative opportunities to Disrupt the market in these popular traditional sports that require rejuvenation.
CGRA will be announcing its dynamic management team and CEO shortly. This is running slightly behind schedule due to some new employees experiencing restrictions from their previous employers. The announcement is therefore planned for the coming weeks as soon as it is possible, and CGRA’s new website is expected to go live within two weeks.
In one of several vital steps that the company is taking towards becoming a global player in the sports and lifestyle markets, CGRA intends to be audited and fully reporting during the first half of 2023.
CGRA’s Interim CEO Nicolas Link said “ I’m so excited for the opportunity which lays ahead for CGRA. It’s not often that there is such an enormous opportunity to disrupt such a large addressable market that is so relevant to almost everyone. This large addressable market presents significant interconnected opportunities for all companies which I am involved in, and I believe that this will add tremendous stakeholder value at every level”.
For regular CGrowth Capital (CGRA) updates, you are invited to follow the company’s Twitter account.
CGRA Twitter: @CGRAOTC
Savage Barbell Twitter: @SavageBarbell
Savage Barbell Instagram: @savage_barbell
Certain information set forth in this press release contains "forward-looking information", including "future-oriented financial information" and "financial outlook", under applicable securities laws (collectively referred to herein as forward-looking statements). Except for statements of historical fact, the information contained herein constitutes forward-looking statements and includes, but is not limited to, the (i) projected financial performance of the Company; (ii) completion of, and the use of proceeds from, the sale of the shares being offered hereunder; (iii) the expected development of the Company's business, projects, and joint ventures; (iv) execution of the Company's vision and growth strategy, including with respect to future M&A activity and global growth; (v) sources and availability of third-party financing for the Company's projects; (vi) completion of the Company's projects that are currently underway, in development or otherwise under consideration; (vi) renewal of the Company's current customer, supplier and other material agreements; and (vii) future liquidity, working capital, and capital requirements. Forward-looking statements are provided to allow potential investors the opportunity to understand management's beliefs and opinions in respect of the future so that they may use such beliefs and opinions as one factor in evaluating an investment. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements. Although forward-looking statements contained in this presentation are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. The Securities and Exchange Commission ("SEC") has provided guidance to issuers regarding the use of social media to disclose material non-public information. In this regard, investors and others should note that we announce material financial information via official Press Releases, in addition to SEC filings, press releases, Questions & Answers sessions, public conference calls and webcasts also may take time from time to time. We use these channels as well as social media to communicate with the public about our company, our services, and other issues. It is possible that the information we post on social media could be deemed to be material information. Therefore, in light of the SEC's guidance, we encourage investors, the media, and others interested in our company to review the information we post on the following social & media channels: Twitter: @CGRAOTC
SOURCE: CGrowth Capital Inc.
CGrowth Capital Inc.