Proxibid company Divvy, a retailer of new and recertified consumer electronics, announced Monday it has acquired a South Sioux City, Nebraska-based company called Value Recovery Services (VRS).
The company provides reverse supply chain and logistics services for consumer electronics companies and compliments Divvy’s marketplace presence with its distribution relationships. VRS was founded in 2004 and has since formed relationships with major electronics distributors and manufacturers.
“Liquidating assets as part of the reverse supply chain is a key piece of our future strategy,” Proxibid president and CEO Ryan Downs said in a release. “This acquisition is key to moving the company forward and achieving the goals we’ve set as an organization. We are thrilled with the expertise and industry relationships Bob, Keith and the VRS team bring to Divvy.”
As part of the acquisition, VRS co-founders Bob Burnett and Keith Thomas will join the Divvy team along with 10 other members of the VRS team, who will continue working from the company’s South Sioux City offices. Other terms of the acquisition were not disclosed.
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Through the acquisition of VRS, Divvy also gains a distribution facility through which to ship its products. The Proxibid subsidiary is an authorized dealer for LG, Vizio, Acer, Gateway, Asus and Lenovo products.
Read more about Proxibid founder Ryan Downs through his recent Founder Friday: “Ryan Downs: scaling Proxibid started with culture, right people, process“
