The buyer is the French e-commerce giant Vente-Privee, which has taken full control of the Barcelona-based ecommerce giant Privalia.
The rumors have been spinning for some time, but according to Novobrief, the employees of Privalia got the official news of the acquisition this week.
It’s not known how much Venter-Privee had to put on the table, and rumors were swirling that is was more than €500 million – a rumor that has been denied by both companies, according to Expansion.
For those who don’t know, Privalia is an e-commerce website that enables users to buy and sell fashion and household products, respectively one of the biggest in Spain.
The founders stay onboard
The founders of Privalia, Lucas Carné and José Manuel Villanueva are staying in Privalia:
“We will continue to belong to the company, which will keep the current management team,” says Carné to Expansion.
“In a competitive and highly fragmented market, this alliance will allow us to accelerate our growth and expand offering”.
The founders do not own more than a combined stake of around 12 percent of the company.
Will continue to grow
The co-founder of Vente-privee Antoine Granjon was very satisfied landing the final deal with Privalia:
“With these operations we expect our international business grow to 40 percent”
Privalia has been around for 10 years, founded in 2006 in Barcelona.
The e-commerce site has closed about €500 million in funding over the years from many different investors.
The final integration of Privalia, will take around three months according to Vente-Privee.
In addition to buying Privalia, Vente-Privee is also securing a majority stake in the Swiss site Eboutic.ch, based out of Lausanne, according to Expansion.