M&A advisory for e-commerce & marketplaces companies
E-commerce and marketplace M&A splits sharply by business model. A pure inventory business gets underwritten as a brand or category roll-up at 0.5-1.5x revenue or a working-capital-heavy EBITDA multiple; a real marketplace with network effects, take rate and asset-light economics trades at SaaS-adjacent multiples. The framing chosen on day one of the process effectively sets the outcome.
The buyer landscape is concentrated and well-mapped. Marketplace strategics (Adevinta, Schibsted, Axel Springer, Naspers/Prosus, Takeaway.com), retail consolidators (Amazon, Otto, Zalando) and the marketplace-focused PE bench (KKR, EQT, Permira, Cinven) make up the bulk of buyers we deal with. They diligence on take-rate quality, supply-side concentration, repeat order economics and category defensibility - and in cross-border deals, regulatory antitrust review is now a real timeline factor.
We're proud to work with winning founders and investors across e-commerce and marketplaces, including on transactions with Axel Springer, KKR and Takeaway.com - and run sell-side processes that pull the right buyer pool for the actual business model.
M&A goes smoother with an advisor that understands e-commerce & marketplaces
Marketplace versus inventory framing
Buyers underwrite an inventory-heavy e-commerce business and an asset-light marketplace at multiples that can differ by 5-10x. We position the business around where the network effects, take rate and supply-side concentration actually sit - not where the deck claims they sit - so the multiple framework matches reality.
Direct lines to consolidators
Marketplace exits run through a tight set - Adevinta, Schibsted, Axel Springer, Prosus, Takeaway.com and the marketplace PE bench. We've sat across the table from many of them, including on our work with Axel Springer, KKR and Takeaway.com, and know who is actively transacting at your category and scale.
Working capital cleaned up first
Net working capital adjustments are where e-commerce sellers quietly lose 5-15% of headline value at close. We pre-build the NWC peg, scrub inventory accounting and lock the cash-free / debt-free mechanics before the SPA gets drafted, so the founder receives the price actually agreed in the LOI.
Antitrust planned, not improvised
Cross-border marketplace deals routinely trigger antitrust review in the EU and UK, and the timeline now stretches to 9-12 months in some categories. We build the regulatory workstream into the process plan from the start, so the buyer prices in the timeline rather than pricing down for the uncertainty.
Recent M&A deals we closed
We've closed sell-side and buy-side transactions across European, US and emerging-market tech.
Our M&A track record spans strategic exits to corporate acquirers, PE buyouts, and cross-border deals where regulatory and structuring complexity actually matters.
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.
Recent M&A advisory e-commerce & marketplaces track record
Selected M&A transactions and prior deal experience.
M&A advisory for all e-commerce & marketplaces niches
From B2B e-commerce to e-commerce, we're a specialized M&A advisor to e-commerce & marketplaces companies.
Our M&A experience spans across all e-commerce & marketplaces verticals.
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We know tech inside & out.
We live and breath tech - true understanding of how startups operate is fundamental at what we do.
Recent e-commerce & marketplaces insights
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