Amazon’s top aggregator Thrasio delays SPAC transaction after top executives leave the company

Texas News Today

Thracio, the top US aggregator for Amazon’s third-party distributors, was competing in the public market to fuel its rapid expansion. However, according to people familiar with the matter, the company has postponed plans to publish through SPAC as financial audits become more complex.

Mr Slasio said he was aiming to complete a reverse merger with a special-purpose acquisition company by the end of the year before changing course in the summer, asking him not to be named as the plan was publicly discussed. was not done. people said. The company may still pursue SPAC, but people said they are also looking at other funding options, including a traditional IPO.

Sales of C Suite have added to Thresio’s challenges. Former JC Penney CFO Bill Wayford left Tresio in July, three months after joining the company. Thrasio said he has appointed Brian Cooper, president of marketing firm Networks, as interim CFO.

And last month, co-founder Josh Silberstein resigned from his role as co-CEO, and fellow co-founder Carlos Cashman will be the company’s sole CEO.

Bloomberg reported in June that Thresio was in talks to publish via a merger with SPAC with a valuation of more than $10 billion, led by former Citigroup executive Michael Klein. Thresio currently oversees more than 200 Amazon brands and builds complex balance sheets, which become a more difficult auditing process than typical e-commerce and tech companies.

Thrasio president Daniel Bokvar told CNBC on Friday that the company has decided not to pursue SPAC for the time being, but has “never announced concrete plans to publish through SPAC.” Rice field.

“Ultimately, our leadership team and board considered the market, but this was not surprising and we decided that listing through SPAC was not the right option at this time,” Bokvar said. He said in an interview. “We are growing our business privately and surprisingly well. That’s what we’ll continue to do.”

Bookover declined to comment on whether the company was considering an IPO or other funding option in the future, but said “all options are available.”

Thrasio and its peers such as Perch, Heyday and Branded Scale were founded in 2018 by purchasing promising products and over-the-counter with the goal of using data and operational expertise to drive sales. this is happening. According to Marketplace Pulse, since April 2020, at least 77 Amazon aggregators have raised a total of about $10 billion.

Thresio announced last month that it had raised $650 million in its senior debt facility, bringing its combined debt and capital to more than $2.3 billion. He currently oversees over 200 brands with over 22,000 products, ranging from skin care and camping equipment to home and fitness products.

Thrasio is ranked 22nd on CNBC’s Disruptor 50 list this year.

Look: Behind the big hype and billion-dollar aggregator start-ups buying Amazon seller brands

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