ThredUp Completes Divestiture of European Business
Deal News | Dec 03, 2024 | Goodwin
ThredUp Inc., a prominent online resale platform for apparel, shoes, and accessories, has successfully completed the divestiture of its European business unit, Remix, through a management buyout transaction. The divestiture, which was simultaneously finalized with the signing of the definitive agreement, allows ThredUp to retain a minority stake in Remix. The transaction indicates ThredUp's strategic move to focus on its core business while still keeping an interest in the European market. Advisory services for the divestiture were provided by Goodwin’s technology team, led by Nathan Hagler, with significant contributions from Caine Moss, Bryan Quinn, Brad Weber, and others who handled various aspects including intellectual property, tax, and executive compensation. ThredUp continues to revolutionize the resale market with its technology-oriented approach and mission to promote secondhand shopping.
Sectors
- Technology
- Retail
Geography
- United States – ThredUp is based in the United States and operates as a major player in the online resale market from there.
- Europe – The divestiture involves ThredUp's European business unit, Remix, highlighting the geographical focus on Europe.
Industry
- Technology – ThredUp leverages technology to facilitate the buying and selling of secondhand apparel through a major online platform, indicating its primary involvement in the technology sector.
- Retail – As one of the largest online platforms for the resale of apparel, shoes, and accessories, ThredUp is heavily involved in the retail industry.
Financials
- Minority Interest – ThredUp retains a minority interest in Remix following the divestiture.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| ThredUp Inc. | Target | Company | An online resale platform for apparel, shoes, and accessories, focusing on transforming the resale market with technology. |
| Goodwin | Legal Advisor | Company | A law firm providing legal advisory services for the divestiture of ThredUp's European business unit. |
| Remix | Divested Entity | Company | ThredUp's European business unit, which was sold in a management buyout. |
| Nathan Hagler | Lead Advisor | Person | Led Goodwin’s team advising ThredUp on the divestiture transaction. |