M&A advisory for e-commerce companies
Consumer e-commerce M&A reset hard after the 2020-2021 DTC peak. Strategic acquirers - Amazon, Walmart, Target, the CPG holdcos and major retail and consumer groups - alongside PE platforms continue to acquire selectively, with the bar moving from headline growth to retail traction, repeat behaviour and contribution after returns and marketplace fees. Marketplace dependency and retail media exposure are now central diligence questions.
The strategic buyers that matter here are Amazon, Walmart and Target on the retail side, the major CPG holdcos for brand assets, and Shopify on the merchant infrastructure side. PE platforms active in consumer e-commerce include KKR, Apollo, Permira and Cinven, alongside consumer-specialist sponsors running brand roll-up theses. Flow has direct access to corp-dev at the major retail and CPG strategics and to the PE platforms acquiring in the category.
Flow team has relevant sector experience and has worked with consumer e-commerce companies across horizontal storefronts, vertical specialty retailers, DTC brands on their own commerce stack, marketplace-native sellers and resale and recommerce operators.
"E-commerce" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing e-commerce M&A targets
Revenue
Gross margin
Contribution margin
AOV
Repeat purchase rate
CAC
LTV / CAC
Return rate
Marketplace share of GMV
Retail media spend
E-commerce valuations in May 2026
Public e-commerce comps trade at 0.6x EV/Revenue. Median revenue multiple across e-commerce M&A deals was 1.0x in the last 12 months.
0.6x
Median EV/Revenue as of May 2026 for public e-commerce companies
4.1x
AmazonAmazon is the highest valued public e-commerce company based on EV/Revenue (excluding outliers)
1.0x
Median EV/Revenue across e-commerce M&A deals in the last 12 months
5.0x
Median EV/Revenue across e-commerce VC rounds in the last 12 months
Key recent e-commerce M&A deals
$1.8B acquisition of The ODP Corporation by Atlas Holdings was the largest e-commerce M&A transaction completed in the last year.
See all e-commerce M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Sep-25 | The ODP Corporation |  | The ODP Corporation is a Boca Raton-headquartered provider of business products and services through brands like Office Depot and ODP Business Solutions. The company operates an omnichannel platform including Veyer for facility services and Varis for custom packaging. It delivers office supplies, technology, print services, and digital procurement tools to small, medium, and large enterprises across North America via retail stores, online channels, and direct sales. | Atlas Holdings | $1.8B | 0.3x | |
Dec-25 | Fortidia |  | Fortidia is a Milan-headquartered global commerce platform enabling e-commerce, fulfillment, and shipping for SMBs via networks like PrestaShop and Mail Boxes Etc. Operating 2,900 service centers in 53 countries, the company supports brands including PostNet and PACK & SEND. Fortidia processes orders through its open-source e-commerce software, serving over one million business customers annually. | BC Partners | $1.7B | 1.1x | |
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 | |
Jun-25 | Dr. Squatch | | Dr. Squatch is a Los Angeles-based men's grooming brand manufacturing natural personal care products since 2013. The lineup includes bar soaps, deodorants, toothpaste, shampoos, conditioners, and colognes using 98-100% natural ingredients free of phthalates, parabens, and SLS. Signature scents feature Pine Tar, Grapefruit IPA, and Bay Rum, with themed bundles tied to franchises, sold via direct subscriptions, e-commerce, and retailers like Target. | Unilever | $1.5B | 17x | |
Jul-25 | ABOUT YOU |  | ABOUT YOU is a Hamburg-based online retailer dominating fashion and lifestyle across 26 European markets with over 13 million active customers. The platform features around 750,000 items from nearly 4,000 brands, delivered via an award-winning app and aboutyou.com emphasizing personalized smartphone shopping. | Zalando | $1.2B | 0.5x | |
Dec-25 | Sociolla |  | Sociolla is Jakarta-based e-commerce platform specializing in authentic beauty products for Indonesian women. It offers makeup, skincare, haircare, beauty devices, and perfumes exclusively from authorized distributors and brand owners. Sociolla stocks over 500 brands including Estée Lauder, MAC, and local labels, ensuring product genuineness through direct partnerships. Launched in 2016, the platform expanded to physical Sociolla Stores in major cities like Jakarta and Surabaya, combining online sales with in-store experiences for over 1 million users. | General Atlantic | $1.1B | - | |
Oct-25 | Coterie | | Coterie is a San Francisco-based online beauty retailer curating prestige products from brands like Dior, La Mer, and Tom Ford. The platform enables users to build virtual vanities, share recommendations, and purchase through a social shopping interface. Acquired by Sephora in 2014, it pioneered community-driven discovery for skincare, makeup, and haircare in the United States. | Mammoth Brands | $1.0B | 5.0x | |
May-26 | Skroutz.gr |  | Skroutz S.A. is an Athens-based e-commerce company operating Greece's leading product and price comparison platform at www.skroutz.gr, featuring offerings from over 3,500 online merchants and attracting more than 8 million monthly unique visitors. With a workforce exceeding 240 employees and annual revenues of €10.5 million, the firm has expanded to Turkey via www.alve.com and the UK through www.scrooge.co.uk. | Blackstone | $745M | 4.9x | |
Feb-26 | Dingdong (Cayman) |  | Dingdong (Cayman) Ltd is the fastest growing on-demand e-commerce company in China. The company directly provides users and households with fresh produce, meat and seafood, and other daily necessities through a convenient shopping experience supported by an extensive self-operated frontline fulfillment grid. It recognizes revenues from product sales of fresh groceries and other daily necessities through Dingdong Fresh APP and mini-programs and membership services. | Meituan | $717M | 0.2x | |
Dec-25 | Petz |  | Petz is Brazil's leading pet retailer with over 230 stores across 22 states and an e-commerce platform generating 2 billion reais in annual revenue. São Paulo-headquartered since 2002, it sells foods, accessories, and pharmaceuticals from brands like Royal Canin and Hill's, while operating 14 Vet Love clinics. The company expanded via acquisitions like Petz Supermercados in 2014 and holds 15% market share in a sector exceeding 40 billion reais. | Grupo Petz Cobasi | $530M | 0.9x | |
Mar-26 | Blue Bottle Coffee | | - | Centurium Capital | $400M | - | |
Aug-25 | Shelf Drilling |  | Shelf Drilling is an offshore contractor specializing in shallow-water jack-up rigs for oil and gas well completion, maintenance, and decommissioning. Dubai-headquartered since 2012, the company deploys 12 independent-leg cantilever units serving clients in the Middle East, Southeast Asia, West Africa, India, and the Mediterranean, including national oil companies and supermajors. | ADES Holding | $379M | 0.4x | |
Jul-25 | Recharge |  | Recharge is an Amsterdam-headquartered prepaid payments platform connecting brands to customers via digital storefronts like Recharge.com and Startselect.com across multiple countries. Founded in 2010, the company facilitates anytime access to stored value products. | Coda | $355M | 4.2x | |
Jul-25 | Casas Bahia | | Casas Bahia is a major Brazilian retailer specializing in appliances, electronics, furniture, and housewares. It operates over 650 physical stores across 18 states and the Federal District, plus a robust e-commerce site. São Paulo-headquartered since 1952, it belongs to Via group and targets middle-class consumers with financing options. | Mapa Capital | $320M | 0.1x | |
Aug-25 | Comfort Click |  | Comfort Click is a Lithuania-based online retailer offering 650 products in health, beauty, cosmetics, and personal care categories. Its private labels include massage devices, nutritional supplements, skincare creams, and wellness apparel shipped across Europe with fast delivery options. | Alidac U.K | $304M | 1.8x |
Most active buyers of e-commerce companies
Frasers Group, AnyMind Group and Full Glass Wine Co are the most active acquirers of e-commerce companies in the last three years.
See all e-commerce acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
Frasers Group | | Frasers Group PLC is a U.K. sports goods retailer. The diversified portfolio of Sports, Fitness, Premium Lifestyle and Luxury Store Fascias. Its brands are Sports Direct, House of Fraser, Flannels, Amara Living, Evans Cycles, Game, Jack Wills, and Others. The company has five segments five operating segments: UK Sports, Premium Lifestyle, International, Property and Financial Services. It operates stores in the United Kingdom, Europe, Asia, Oceania and USA. It generates the majority of the revenue from UK Sports includes the results of the Group’s core sports retail store operations in the UK, plus all the Group’s sports retail online business, other UK-based sports retail and wholesale operations, GAME UK stores and online operations, retail store operations. | Maxi SportTwinsportMatches Fashion+1 | 3 | |
AnyMind Group |  | AnyMind Group Inc is engaged in the development and provision of platforms that provides one-stop support for brand design and planning, production, e-commerce enablement, marketing, and logistics. | Sun SmileVibulaAnyReach+1 | 3 | |
Full Glass Wine Co | | - | Wine AccessSplash WinesWine Insiders+1 | 3 | |
Ahlsell |  | - | JLI SmålandsstenarBatteribolagetKJV+2 | 3 | |
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 | |
Clas Ohlson | | Clas Ohlson AB is a Swedish specialty retailer of home and office solutions. The company has five product categories: hardware, electrical, home, multimedia, and leisure items. The hardware category includes home repair tools, with Capere, Cocraft, and Clas Ohlson as proprietary brands. The electrical category consists of energy and electrical solutions, mainly under its own brands: Cotech and Northlight. Multimedia offers technology to connect devices. The home category offers practical items for the kitchen, wardrobe, bathroom, and laundry. Clas Ohlson's main segments by revenue are Sweden, Norway, Finland, and a few other countries outside the Nordics. | PhonelifeReservdelaronline | 2 | |
Kothari Industrial Corp |  | Kothari Industrial Corp Ltd is an India based company. It is engaged in the core business of manufacturing and trading of fertilizers. Its product portfolio consists of fertilizers, agro products, water soluble fertilizers, bio and micro products, agro-chemicals, and organic fertilizers. The company's segments are Fertilizers, Drone, FMCG, Hotel, and Leather. The Leather segment generates maximum revenue for the company. Geographically, it operates in India as well as Outside India. | JeetloZodiz | 2 | |
Razor Group | | Razor Group is a Berlin-based holding company acquiring and scaling e-commerce brands in consumer goods categories like home and beauty. It applies growth expertise in Amazon marketplaces, supply chain optimization, and marketing to portfolio companies. Razor Group operates across Europe and North America with dedicated teams for operations and expansion. | Infinite CommercePerch DTCThe Stryze Group | 2 | |
BC Partners | | BC Partners is a London-headquartered private equity firm managing over €40 billion in assets across private equity, credit, and real estate strategies. Founded in 1986, it pioneered European buyouts and maintains offices in New York, Paris, Milan, and Hamburg. The firm has completed more than 110 investments with aggregate enterprise value exceeding €145 billion, targeting consumer, services, and technology sectors. BC Partners Credit platform originated over €10 billion in loans since 2017, while its real estate arm focuses on value-add opportunities in Europe and the US. | FortidiaPetLab CoCrianza Aviation+1 | 2 | |
Designworks Collective | | Designworks Collective is a product design studio based in the United Kingdom. It provides development, branding, manufacturing oversight, and photography services with emphasis on ethical suppliers. Projects incorporate sustainable materials for consumer goods aligning with environmental standards. | Ore' OriginalsArchipelago Botanicals | 2 |
Founders and investors we've worked with
We've supported winning builders across 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.
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