M&A advisory for B2B e-commerce companies
B2B e-commerce M&A has accelerated as procurement digitises and the post-COVID shift to online ordering has stuck. Strategic acquirers include distribution incumbents - Grainger, Fastenal, HD Supply, Sonepar, Bunzl, Wesco - and a steady set of PE platforms rolling up vertical B2B distributors. Buyers underwrite on customer concentration, repeat order economics, gross margin after rebates, and ERP and punchout integration depth.
The strategic buyers worth running into a process are the major distributors - Grainger, Fastenal, HD Supply, Sonepar, Bunzl, Wesco - plus their European and Asian equivalents, each of which has an active corp-dev function looking at digital-native distribution. PE platforms in this space include KKR, Apollo, Permira and Cinven, along with sponsors running specific distribution roll-up theses. Flow has direct access to the corp-dev teams at the major distributors and to the PE platforms underwriting B2B distribution.
Flow team has relevant sector experience and has worked with B2B e-commerce companies across industrial and MRO, healthcare and life sciences, foodservice and hospitality supply, construction and building materials and horizontal distribution platforms.
"B2B e-commerce" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing B2B e-commerce M&A targets
GMV
Net revenue
Active customers
AOV
Gross margin
Repeat order rate
DSO
Payment terms mix
Customer concentration
Channel mix
B2B e-commerce valuations in May 2026
Public B2B e-commerce comps trade at 1.3x EV/Revenue. Median revenue multiple across B2B e-commerce M&A deals was 0.9x in the last 12 months.
1.3x
Median EV/Revenue as of May 2026 for public B2B e-commerce companies
2.0x
Alibaba Group is the highest valued public B2B e-commerce company based on EV/Revenue (excluding outliers)
0.9x
Median EV/Revenue across B2B e-commerce M&A deals in the last 12 months
11x
Median EV/Revenue across B2B e-commerce VC rounds in the last 12 months
Key recent B2B e-commerce M&A deals
$1.5B acquisition of MRC Global by Dnow was the largest B2B e-commerce M&A transaction completed in the last year.
See all B2B e-commerce M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Jun-25 | MRC Global |  | MRC Global is a Houston-headquartered distributor of pipe, valves, fittings, and infrastructure products for energy, industrial, and construction sectors. It supplies carbon steel pipes, stainless steel valves, and flanges to upstream oil and gas, refining, and chemical processing facilities worldwide. With service centers in the United States, Canada, Europe, and Asia-Pacific, the company offers inventory management and just-in-time delivery to major operators like ExxonMobil and Chevron. | Dnow | $1.5B | 0.5x | |
Dec-25 | Tackle | | Tackle is a revenue operations platform that enables software vendors to sell through AWS Marketplace, Azure Marketplace, and Google Cloud Marketplace. Founded in 2016 and headquartered in Denver, the service automates product listings, contract management, and performance analytics for cloud channel sales. Tackle integrates with CRM systems to track marketplace transactions and optimize pricing strategies. | AppDirect | $1.3B | - | |
Dec-25 | AppXite |  | AppXite powers a multi-cloud e-commerce platform for technology-as-a-service, integrating with hyperscalers for product management, billing, provisioning, and sales analytics. | Aries Global | $23M | 4.6x | |
Oct-25 | Walker Edison | | Walker Edison is a Salt Lake City-headquartered designer and manufacturer of ready-to-assemble furniture sold through major e-commerce platforms like Amazon, Walmart, and Wayfair. The company specializes in TV stands, console tables, beds, bookcases, and dining furniture using engineered wood and metal frames. It operates drop-shipping services from distribution centers in Utah and Texas while maintaining manufacturing partnerships in Vietnam, China, and Mexico. Walker Edison extends its global reach with sales offices in Brazil, the United Kingdom, Germany, and Asia, supplying affordable home furnishings to retailers and direct consumers across North America and Europe. | Twin-Star International | $20M | - | |
Aug-25 | Military Fasteners | | Military Fasteners is a United States-based B2B e-commerce distributor specializing in military-specification fasteners like AN, MS, and NAS bolts, screws, and rivets for aerospace and defense applications. Operating from Ohio, the company stocks over 100,000 SKUs and ships to contractors including Boeing suppliers and US Air Force maintenance depots. It provides same-day fulfillment and certifications like AS9100 for quality assurance in aircraft assembly and repair. | Montage Partners | $10M | - | |
Jun-25 | J | Jinadasa Bennett |  | Jinadasa Bennett delivers apparel supply chain solutions centered on sustainable practices and forward-thinking strategies. | Q Collection | $8.6M | - |
Mar-26 | N | Ningbo Xunxi Technology |  | Ningbo Xunxi Technology is a Zhejiang-based e-commerce and digital procurement platform. It supplies integrated solutions for financial institutions, enterprises, and public entities that cover corporate procurement, employee benefits, and digital marketing. | Yimutian | $7.2M | 0.1x |
Jun-25 | Yeoman Technology Group | | - | Meet The People | $1.4M | 1.4x | |
May-26 | Merch | | Merch is an API-first platform for the custom products industry. The company connects enterprises and creators with global suppliers, distributors and decorators to enable end-to-end marketplace commerce. | Sendoso | - | - | |
May-26 | 35up |  | 35up is a Vienna-headquartered cross-selling API for European online merchants, recommending physical and digital products from its vendor network during checkout. Leading retailers integrate it to boost margins without inventory commitments. | Sovendus | - | - | |
May-26 | C | CEWE Stiftung (commercial online print unit) | | CEWE Stiftung (commercial online print unit) is a B2B online printing service producing flyers, brochures, business cards, posters, stationery, advertising materials, and packaging for companies, agencies, and advertisers. | Cimpress | - | - |
Apr-26 | Cartograph | | Cartograph is an agency delivering outsourced eCommerce services and execution for CPG brands on Amazon. | The Harvest Group | - | - | |
Mar-26 | Alima |  | Alima is a Latin America-focused digital marketplace that connects fruit and vegetable suppliers with buyers such as retailers and wholesalers. The platform optimizes procurement by matching quality produce with competitive pricing through an online bidding system. Headquartered in Bogotá, Colombia, Alima serves markets across Colombia, Peru, and Ecuador. It streamlines logistics with real-time inventory tracking and automated delivery scheduling. Launched in 2019, the service reduces procurement time for businesses by integrating supplier catalogs and buyer demands into a single interface. | Pepper Ecommerce | - | - | |
Mar-26 | BIG SALT | BIG SALT is a white-wine project by Ovum Wines under the Deep Water Wines label. | Jackson Family Wines | - | - | ||
Feb-26 | Keep Supply | | Keep Supply is an e-commerce platform supplying HVAC components including compressors, condensers, controls, evaporators, pumps, and valves. | Kanbrick | - | - |
Most active buyers of B2B e-commerce companies
Asker Healthcare Group, Tide Rock and Advantive are the most active acquirers of B2B e-commerce companies in the last three years.
See all B2B e-commerce acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
Asker Healthcare Group |  | Asker Healthcare Group AB is a provider of medical products and solutions that drive progress in the European healthcare sector. The company is engaged in building and acquiring companies to support the healthcare system to improve patient outcomes, reduce the total cost of care, and ensure a fair and sustainable value chain. The company also offers a range of value-added solutions to support its suppliers and customers in, for example, market access, efficiency, and sustainability. | Cardio DépôtFINMEDRMS Medical Devices+2 | 2 | |
Tide Rock | | Wilmington-headquartered Tide Rock is a private equity firm targeting control investments in B2B software, internet services, and technology companies with enterprise annual recurring revenue exceeding $5 million. The firm partners with management teams to drive growth through acquisitions and operational improvements in sectors like manufacturing and distribution. | Airsupply JeycoGlenn Wayne BakeryAnalog Technologies Corp+1 | 2 | |
Advantive | | Advantive is a Cincinnati, Ohio-headquartered software provider for specialty chemical, wholesale distribution, and equipment rental industries. The company delivers Epicor ERP, Altec Spectrum, and Infor VISUAL implementations with warehouse management, CRM, and e-commerce modules. Advantive serves North American manufacturers through consulting and support services. | Commerce VisionPepperiPINpoint Information Systems+1 | 2 | |
Ahlsell | | - | JLI SmålandsstenarBatteribolagetSwegon Norway (traded goods unit)+2 | 2 | |
Imperial Dade | | Imperial Dade is a Northvale, New Jersey-headquartered distributor of foodservice packaging, janitorial supplies, and equipment to over 90,000 customers in North America. The company stocks gloves, bags, trays, chemicals, and paper products from brands like Georgia-Pacific and Rubbermaid. It operates 200+ warehouses across the US and Canada, serving restaurants, healthcare facilities, and stadiums. Imperial Dade acquired 50+ competitors since 2020, expanding into Mexico through acquisitions like Univar Solutions' food business. | Athens Janitor SupplyAtlantis PackagingEnterprise Paper+1 | 2 | |
Vitec Software | | Vitec Software Group AB is a software company in Vertical Market Software in the Nordic region. The company provides software for the pharmacy market, automotive and machine industry, banks and insurance companies, healthcare companies, real estate agents, and the education sector. Its segments comprise Auto, Energy, Real Estate, Finance and insurance, Environment, Estate Agents, and Education and health. | AutonetNMGIntergrip+1 | 1 | |
Storskogen Group | | Storskogen Group AB is an international group of businesses. It acquires and manages profitable small and medium-sized businesses with prime positions in their respective markets. It is divided into three business areas, Industry, Services, and Trade, predominantly in Sweden and with an increasing presence in the Nordics, Germany, Switzerland, and the UK. | FramedaSafi Equipment and ServicesDarlington EMS+1 | 1 | |
Ivy Technology |  | Ivy Technology is a Dublin-headquartered global provider of electronics repair and refurbishment services for technology, med-tech, and telecom sectors. The company repairs devices like smartphones, medical monitors, and networking equipment at facilities in Ireland, China, Mexico, and the US. Established in 2000, Ivy Technology supports OEMs including Apple, Cisco, and Philips through reverse logistics and asset recovery programs. | PureWRX | 1 | |
Nuent Group | | Nuent Group is a Northern Europe distributor of dental supplies, equipment, and software solutions. Stockholm-headquartered, it supplies consumables like implants and composites, alongside lab services and analytics platforms for practice management. Serving dentists in Sweden, Norway, Denmark, and Finland, Nuent provides installation, training, and maintenance for brands such as Straumann and 3Shape. | multi-com | 1 | |
The Harvest Group | | The Harvest Group is an Atlanta-based provider of packaging solutions for consumer goods manufacturers. It designs and produces custom packaging for food, beverage, and household products, serving brands across North America. With facilities in Georgia and Texas, the company emphasizes sustainable materials and supply chain efficiency for clients including major CPG companies. | CartographBold StrategiesThree Sixty Sales+1 | 1 |
Founders and investors we've worked with
We've supported winning builders across B2B e-commerce and beyond.
MAILINGWORK
We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.
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TestSolutions
We acted as exclusive financial advisor to Swiss PE firm Patrimonium on its majority stake acquisition of TestSolutions, a Frankfurt-based software testing and IT services provider.
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Rebellion Pay
We acted as exclusive sell-side advisor to Rebellion Pay, Spain's leading Gen Z neobanking platform, on its sale to Turkish consumer fintech unicorn Papara.
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HAPPYCAR
We acted as exclusive sell-side advisor to HAPPYCAR, a Hamburg-based pan-European rental car comparison and booking platform, on its sale to Dutch online price comparison player EasyTerra.
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Resillion
We provided buy-side advice to a dominant TIC industry player on the carve-out and acquisition of Resillion (fka Eurofins Digital Testing), a Hasselt-based digital testing, cybersecurity and forensics provider.
See moreRecent M&A advisory track record
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