Blackstone is buying Greek ecommerce market chief Skroutz. The American funding firm is taking on a majority stake from European non-public fairness agency CVC Capital Companions. The founders will stay concerned within the enterprise.
Based on sources cited by Bloomberg, the deal values Skroutz at 635 million euros, together with debt. Funds managed by Blackstone’s non-public fairness enterprise are buying the stakes from CVC Capital Companions Fund VII, to be exact.
Skroutz’s founders may also promote a part of their shareholding as a part of the transaction, however will retain a stake and proceed to guide the corporate. George Chatzigeorgiou will stay CEO. He described the deal as “a major new chapter” for the corporate.
Vertically built-in platform
Skroutz, which began as a value comparability web site in 2005, has grown into the main ecommerce platform in Greece, with round 2.5 million energetic customers. The platform presents greater than 12 million merchandise from roughly 9,000 retailers. Skroutz operates a vertically built-in platform that mixes its market with proprietary last-mile logistics, achievement providers, a licensed fintech providing, and a rising retail media enterprise.
Enlargement
Lately, Skroutz has expanded its footprint by establishing a presence in Cyprus and extra not too long ago coming into Romania and Bulgaria, because it seems to strengthen its place throughout Southeast Europe. The corporate nonetheless sees important progress alternatives within the area, which seems supported by ecommerce adoption traits throughout Europe.
Skroutz targets progress in Southeast Europe
Blackstone goals to generate returns for institutional and particular person buyers by supporting Skroutz’s additional progress. Alexander Walsh, Senior Managing Director stated: “This funding builds on our conviction in digital client platforms, the place we imagine ecommerce penetration throughout Europe will proceed to drive significant progress.”
Adevinta and Mollie
The funding agency beforehand invested in Adevinta, operator of on-line classifieds platforms, and Dutch cost service supplier Mollie. As well as, Blackstone acquired a big logistics actual property portfolio in Europe, explicitly pushed by rising ecommerce penetration and rising demand for quicker deliveries.
