Fort Lee entrepreneur-focused tech company Creatd Inc. entered into a non-binding Memorandum of Understanding to purchase a majority stake in Wobble Wedge, a company that manufactures an interlocking modular system of tapered shims adaptable to numerous uses, including by homeowners, craftspeople, hobbyists, restaurant owners and plumbers.
Creatd intends to acquire a 55% equity stake in Wobble Wedge in exchange for a combination of cash and stock. Definitive agreements are expected in the early fourth quarter of 2021, and close is expected shortly thereafter, subject to the completion of closing conditions.
Creatd expects the transaction to be immediately accretive to EBITDA and to generate between $1.5 and $1.7 million in net revenues over the next 12 months, according to CEO Jeremy Frommer.
“Wobble Wedge was founded with the express intention to be a large-scale brand in the commercial and home improvement space. For years we have been on the lookout for the ideal opportunity to accelerate our mission,” said Wobble Wedge Co-CEO Skip Wehner. “The Creatd team is exactly what we were looking for, and we could not be more excited about the chance to grow with them.”
Wobble Wedge was first invented when Wehner’s uncle Robert Bellows set out to design a household product that solved the universal problem of wobbly tables. What resulted was the prototype for the Wobble Wedge, which was subsequently refined 35 years ago into the patented design used today.
Wobble Wedges are made entirely in the United States, selling between 800,000 to 1,000,000 wedges per month.