By Dhirendra Tripathi
Investing.com – Plby (NASDAQ:PLBY), owner of the Playboy brand, was up nearly 3% in Tuesday’s premarket trading on tthe back of a $333 million cash and stock deal to buy Australia’s Honey Birdette, a fast-growing, luxury lingerie and lifestyle brand.
Honey Birdette has significantly grown its consumer reach and operations to North America and Europe, a note by Plby said.
The acquisition will support Plby’s focus on expanding its leadership in the sexual wellness category, the company said without any apparent irony, as well as enhancing its shared sourcing and product design capabilities. The transaction is expected to close in the third quarter of 2021.
Honey Birdette expects approximately $73 million of revenue and about $28 million of EBITDA for the twelve months ending June 30, 2021, representing growth of over 40% and over 95%, respectively, over the previous year.
The Australian company, founded in 2006 by Eloise Monaghan, is focused on expanding its retail footprint across the U.S., the UK and Europe. In the U.S., new flagship stores will open in the coming months in Dallas, Miami and New York.