SellerX, headquartered in Berlin and one of the largest e-commerce aggregators in Europe, acquired Elevate Brands, one of the largest e-commerce aggregators in the U.S.
The combined business, SellerX Group, will become one of the largest global consolidators of e-commerce brands with over €400 million in total sales, a global footprint and a diversified product portfolio of over 80 Amazon-native consumer brands.
The joint business merges complementary global footprints covering the European and U.S.-markets with a roughly even revenue split and a portfolio ranging across categories including sports & outdoors, home & kitchen, mobile accessories, pets, and consumables.
The combined business will build on SellerX’s technology platform, global supply chain infrastructure, proprietary warehouse operations, product launching, and internationalization capabilities.
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 omnichannel brands. Together we have a mission of becoming one of the world’s leading consumer product companies. Our tremendously talented team is 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.”
Several existing SellerX shareholders are investing more than €60 million in new equity financing in connection with the acquisition, 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.