The global e-commerce giant ebay has just bought the Germany-based shopping club brands4friends for €150 million.
The last official valuation of the German company was previous about €100 million, at the time when Tengelmann bought 10% of brands4friends at the beginning of 2010. With this in mind, the previous investors will likely be happy with this great exit.
Doug McCallum, Senior Vice President of eBay in Europe, said: “With the acquisition of brands4friends we are entering the market of online shopping clubs with an established and dynamic partner, whose expertise, relationships and passion is matching perfectly with our goals”.
brands4friends was founded in 2007 and employs around 200 people. It seems that brand4friends is sure to have found the perfect partner with ebay, thanks to their similar brand objectives.
Find this interesting? Be sure to sign up for our free weekly EU-Startups Newsletter so that you can stay up-to-date!