Ranked as one of the world’s most powerful eCommerce websites in Europe, SellerX has signed an agreement to acquire Elevate Brands, the popular and leading US-based eCommerce website.
According to the agreement, all the combined companies will lay the foundation stone for SellerX Group and become the world’s largest consolidators of eCommerce brands, with an assorted portfolio accounting for about 40,000 consumer products.
The combined business can be the real game-changer for over €400 million in global sales.
The agreement’s overall goal is to bring together the two key players in the eCommerce aggregator space, as each of them has established itself as a reputable partner in their respective niche.
Moreover, the combined portfolio will consist of approximately 80 Amazon-native private customer label brands that will cover segments like- sports and outdoors, home and kitchen, mobile accessories, and consumables.
The entire business will be designed and built on SellerX’s highly advanced platform and global supply chain infrastructure with warehouse operations, product launching, and internationalization abilities.
The acquisition deal is expected to close by June end 2023, and the agreement will be subject to customary completion conditions. The present co-founders, Philipp Triebel and Malte Horeyseck will continue to serve the company.
Philipp Triebel, the co-founder of SellerX, said, “Elevate Brands and Seller X are a perfect match, thereby emphasizing a strong cultural fit, a shared vision, and complimentary capabilities”.
With respect to the acquisition, many existing SellerX shareholders have started investing more than €60 million in new equity financing.
BlackRock and Victory Park Capital have revised and upsized their existing credit facility to ease the process of acquisition.