Benzinga | Aug 17, 2021 12:05PM EDT

Envela Subsidiary To Acquire Avail Recovery Solutions For Unknown Sum

* Envela Corp's (NYSE:ELA) wholly-owned subsidiary ECHG LLC has agreed to acquire Avail Recovery Solutions LLC, a full-service electronics and materials lifecycle management company, in an all-cash transaction. The financial terms remain undisclosed.

* Avail also recycles discarded electronics, transforming obsolete equipment into raw material.

* Envela expects the acquisition to expand its presence in the environmentally friendly recommerce sector.

* The transaction is expected to close early in the fourth quarter of 2021.

* "Sustainability is at the core of what we do, and Avail has an impressive record of delivering creative, sustainable IT solutions through its team of innovative professionals," said President of ECHG, Tommy McGuire.

* The company held $8.1 million in cash and equivalents as of June 30, 2021.

* Price Action: ELA shares are trading lower by 4.44% at $4.09 on the last check Tuesday.