TX-SELLERX
31.5.2023 17:01:27 CEST | Business Wire | Press release
SellerX, one of the most successful eCommerce aggregators in Europe, has signed an agreement to acquire Elevate Brands, a leading U.S.-based aggregator of eCommerce businesses. The combined companies will form SellerX Group and become one of the world’s largest consolidators of eCommerce brands with a diversified portfolio spanning over 40,000 consumer products. The combined business will have a strong global footprint and sales of over €400m.
This acquisition brings together two key players in the aggregator space, each of which have established themselves as highly trusted and reputable partners for marketplace-native sellers in their respective markets. Bringing together complementary global footprints, the joint business will cover both the European and U.S.-markets with a roughly even revenue split across the two regions. The combined brand portfolio will consist of over 80 Amazon-native private label consumer brands in the segments of sports & outdoors, home & kitchen, mobile accessories, pets, and consumables.
The combined business will build on SellerX’s advanced technology platform, global supply chain infrastructure with proprietary warehouse operations, product launching, and internationalization capabilities. Elevate Brands will contribute its strong expertise in turning marketplace-native products into consumer brands sold across multiple channels. Leveraging a combined operational platform, the company will realize significant synergies across the value chain and achieve an attractive profitability profile through operational efficiencies. Furthermore, SellerX Group will have the ability to expand omni-channel distribution capabilities in local markets, including into traditional retail channels.
The acquisition is expected to close by the end of June 2023, subject to customary completion conditions. SellerX current co-founders Philipp Triebel and Malte Horeyseck will continue to lead the combined company as Co-CEOs. Elevate Brands’ co-founders will take on key leadership positions: CEO Ryan Gnesin will serve as President of the combined business, Chief M&A Officer Jeremy Bell will become Global Head of M&A, and Chief Growth Officer Rob Bell will head Global Business Development. The operations of the combined business will be steered from the SellerX headquarters in Berlin.
Philipp Triebel, co-founder of SellerX and Co-CEO of the combined company, said, “Elevate Brands and SellerX are a perfect match: a strong cultural fit, a shared vision, and complementary capabilities. This acquisition combines our know-how and diversified portfolios of strong brands with a market-leading technology platform and strong operational infrastructure. By leveraging our combined strengths, I am convinced we are well-positioned to drive further consolidation in the industry.”
Ryan Gnesin, co-founder of Elevate Brands and President of the combined company: “We are thrilled to combine forces with SellerX and to continue building world class omni-channel brands. Together we have a mission of becoming one of the world’s leading consumer product companies. Our tremendously talented team are excited to continue expanding our portfolio across numerous distribution channels, including traditional retail partners. The combined business has the technology, expertise and a wealth of data that will enable us to identify emerging consumer trends, rapidly test and iterate product ideas and fulfill demand across Europe and North America.”
In connection with the acquisition, a number of existing SellerX shareholders are investing new equity financing of more than €60m. The investment is led by Sofina with participation from L Catterton, Cherry Ventures, Felix Capital, 83North, Upper90 and TRCM Fund. In parallel, funds and accounts managed by BlackRock and Victory Park Capital have upsized their existing credit facility, which provides additional capital for M&A opportunities for the combined business.
About SellerX
SellerX is a Berlin-based, high-growth eCommerce player that aims to consolidate Amazon’s most successful sellers, acquiring them to scale their business and turn their brands into global household names. Founded in 2020, SellerX has become one of the largest and most successful eCommerce aggregators in the European market. Today it manages more than 50 ecommerce brands. SellerX is supported by well-known and reputable equity investors such as Sofina, L Catterton, Cherry Ventures, Felix Capital, 83 North, a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA), and debt investors via funds and accounts managed by BlackRock and Victory Park Capital, and has raised more than $750m in equity and debt financing. Marlborough Partners acted as capital structure advisor to SellerX and Sofina.
About Elevate Brands
Elevate Brands is a fast-growing U.S.-based eCommerce aggregator with a focus on building high quality omni channel brands. The company was founded in 2017 and has emerged as one of the leaders in this industry. Elevate manages 32 brands across a variety of evergreen product categories. It is backed by a number of renowned investors including funds and accounts managed by BlackRock, Upper90, Soroban Capital, TRCM Fund and Hersch Klaff and has received over $250m of funding in equity and debt. RBC Capital Markets acted as exclusive financial advisor to Elevate Brands.
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