For the second time this month, Bed Bath & Beyond has announced a $150 million acquisition. This time the home goods retailer is planning to purchase F9 Brands Inc., which owns Cabinets To Go and Lumber Liquidators.

On Thursday, Bed Bath & Beyond confirmed it has signed a letter of intent to acquire "the equity interests and substantially all assets” of F9. Bed Bath & Beyond is offering $37 million in cash and roughly 16 million shares of the company’s stock priced at $7 a share.

The deal is expected to close in May, following the company’s annual shareholder meeting.

The F9 acquisition follows Bed Bath & Beyond’s recent announcement that it’s acquiring The Container Store in a separate $150 million deal. As part of that deal, Bed Bath & Beyond also acquires Elfa and Closet Works. The moves are part of Bed Bath & Beyond’s ongoing plan to expand its offerings in multiple sectors of home retail.

“With the anticipated addition of Lumber Liquidators and Cabinets To Go to Elfa and Closet Works, Beyond Home Services is established with the brands, the capabilities, and the team to serve the homeowner from concept to completion,” Marcus Lemonis, executive chairman and CEO of Bed Bath & Beyond, said in a statement.

“Each brand owns a distinct category — modular storage systems, custom closets, flooring, cabinets and countertops, carpet and hard surface flooring distribution — and together with our installation services and field sales organization, we can take the homeowner through the full lifecycle of a renovation, all under one platform.”

Bed Bath & Beyond says it plans to keep Lumber Liquidators and Cabinets To Go stores open. Other Bed Bath & Beyond-owned companies include Kirkland’s, Overstock.com and BuyBuy Baby.

The run of acquisitions comes less than three years after Bed Bath & Beyond filed for bankruptcy.

Source: mlive.com