Media | 10 August 2015 23:27
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windeln.de acquires Spanish online shop “bebitus” – Acquisition of leading online shop for baby and toddler products in Spain is a further milestone for windeln.de’s European expansion strategy – Windeln.de enters the attractive Spanish, Portuguese and French market through full acquisition – Large potential to realize synergies and accelerate growth via integration of core processes with windeln.de
Alexander Brand, management board member and co-founder of windeln.de, said: “bebitus managed to establish the company as leading online shop for the needs of young families in Spain within only few years since foundation and very limited cash requirements. In addition, bebitus has started to increase its offering into the adjacent countries Portugal and France with own online shops. We see very promising growth potential for these three Southern European countries that we want to seize together with bebitus.” bebitus is leading and strongly growing online shop for baby and toddler products in Spain In 2011, the Barcelona-based company bebitus was founded by Guillem Sanz Marzà, still bebitus’ major shareholder. In 2012, Alexandra Viguera Andreu strengthened the team as COO and additional shareholder. Similar to windeln.de and feedo, bebitus also started with selling baby and toddler products for daily needs and later on expanded into higher margin products such as strollers to serve customer needs. After having developed the Spanish online shop successfully, bebitus expanded to France with www.bebitus.fr late 2013 and to Portugal with www.bebitus.pt early 2014. In 2014, bebitus generated revenues of approximately 7 million EUR with the majority coming from Spain. For 2015, we expect a growth of more than 100% year over year to approximately 15 million EUR. Purchase price largely performance-based and to be paid out in tranches until 2017 The cash purchase price to be paid to the shareholders of bebitus at closing of the transaction amounts to approximately 5 million EUR. Moreover, the parties agreed to pay additional performance-based purchase price installments that are subject to bebitus reaching certain revenue targets each year until 2017. For example, if bebitus’ revenues increase by 75% annually until 2017, the total purchase price would imply a multiple of 2017 revenues of no more than approximately 0.8x. The majority of the performance-based purchase price will be paid by issuing new shares out of windeln.de’s authorized capital. Acquisition is the logical extension of windeln.de’s strategy to expand its presence in Europe With the acquisition of bebitus, windeln.de not only enters the Spanish market but simultaneously also expands its presence in the very attractive markets Portugal and France. For instance, France represents a very important market for baby and toddler products in Europe with the highest birth rate compared to the rest of Europe. Local products, outstanding supplier relationships and expertise in the relevant target markets are clear strengths of bebitus.
Becoming a 100 percent subsidiary of windeln.de, bebitus will retain its brand name and will remain an independent business unit operating its shop websites headquartered in Barcelona.
Furthermore, windeln.de expects a strong potential of synergies with bebitus by centralizing processes, using a common business infrastructure as well as utilizing the bigger purchasing power of windeln.de. Guillem Sanz Marzà, founder and managing director of bebitus, emphasizes: “We have already learned a lot from windeln.de during the discussions in the past few months. We strongly believe to further accelerate the growth of our online shops for baby and toddler products in Southern European by combining both businesses and integrating our core processes into the company structure of windeln.de.” The acquisition is subject to customary closing conditions. It does not require the approval from regulatory or antitrust authorities.
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End of Media Release Issuer: windeln.de AG Key word(s): Enterprise 2015-08-10 Dissemination of a Press Release, transmitted by DGAP – a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
| Language: | English | |
| Company: | windeln.de AG | |
| Hofmannstr.51 | ||
| 81379 Munich | ||
| Germany | ||
| Phone: | 089 / 416 17 15-0 | |
| Fax: | 089 / 416 17 15-11 | |
| E-mail: | investor.relations@windeln.de | |
| Internet: | www.windeln.de | |
| ISIN: | DE000WNDL110 | |
| WKN: | WNDL11 | |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange | |
| End of News | DGAP-Media |
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| 385363 2015-08-10 |