ThredUp Sheds Remix in $65.3M MBO
Deal News | Dec 04, 2024 | Aim Group
U.S.-based fashion marketplace ThredUp has successfully divested its European business, Remix, through a management buyout (MBO) led by Remix's General Manager, Florin Filote. The sale, valued at approximately $65.3 million, will be paid over a period of ten years, including interest. This divestment marks a strategic decision by ThredUp to streamline its operations and focus more closely on its core market. The transaction highlights the ongoing trend of management teams taking the reins of the businesses they lead as parent companies seek to consolidate their portfolios.
Sectors
- Fashion Retail
- E-commerce
Geography
- United States – ThredUp is based in the U.S., operating primarily within this geography.
- Europe – Remix, the divested business, operates in Europe, thus making this geography relevant.
Industry
- Fashion Retail – ThredUp operates as a fashion marketplace, catering to the online retail of clothing and accessories, which makes Fashion Retail a relevant classification.
- E-commerce – As an online marketplace, ThredUp fits into the E-commerce industry, dealing with buying and selling of goods digitally.
Financials
- $65.3 million – Total value of the management buyout of Remix, payable over ten years plus interest.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| ThredUp | Selling Company | Company | A U.S.-based fashion marketplace specializing in online retail of second-hand clothing. |
| Remix | Target company | Company | A European fashion marketplace that was part of ThredUp's operations. |
| Florin Filote | Bidding Company/Buyer | Person | General Manager of Remix leading the management buyout. |