Rebelle SEK 315m M&A | Q3 2022
Transaction Information
M&A
SEK 315 Million
July 2022
Financial Adviser
Robert Frowein, Managing Director of Style Beteiligungs GmbH & Co KG and Board member of Rebelle, comments:
"We have been a shareholder in Rebelle for many years, together reaching numerous milestones in the path to offer a sustainable way of consuming clothes in the premium segment. Vinted, as a frontrunner in the industry with a large number of users and wide geographical reach, can support Rebelle's continued growth and journey to deliver a superior selling and buying experience to its customers. As a significant shareholder in Rebelle, we think this is an attractive offer for all shareholders and the right way forward for Rebelle's development."
Thomas Plantenga, CEO of Vinted, comments:
"As an industry peer, we have followed Rebelle for many years and are impressed with their offering and what they have achieved in the luxury segment. By combining Rebelle's expertise in this segment with Vinted's geographical reach and large member base, we see great potential to create a strengthened value proposition for consumers, and ultimately support increased uptake of second-hand. We are also grateful for the broad support that our offer has received from the Bid Committee and major shareholders of Rebelle."
Press release
About Rebelle
Rebelle operates the European online marketplace Rebelle.com for selling and buying luxury second hand fashion items and accessories. Rebelle takes control of the entire sales process, thereby physically verifying the authenticity and quality of products sold to consumers and assuming all payment processes and the shipments to buyers. Based on this capital-light “managed marketplace” model, Rebelle aims to deliver a superior selling and buying experience to its customers. Rebelle is offering products from the world’s most sought-after fashion brands, such as Louis Vuitton, Chanel, Gucci, Hermès and Prada while increasing customers awareness of sustainability and circularity within the fashion industry. Rebelle offers more than 200,000 products to, and listed by, customers throughout Europe with focus on the EU.
The offer
Rebelle's website
"We have been a shareholder in Rebelle for many years, together reaching numerous milestones in the path to offer a sustainable way of consuming clothes in the premium segment. Vinted, as a frontrunner in the industry with a large number of users and wide geographical reach, can support Rebelle's continued growth and journey to deliver a superior selling and buying experience to its customers. As a significant shareholder in Rebelle, we think this is an attractive offer for all shareholders and the right way forward for Rebelle's development."
Thomas Plantenga, CEO of Vinted, comments:
"As an industry peer, we have followed Rebelle for many years and are impressed with their offering and what they have achieved in the luxury segment. By combining Rebelle's expertise in this segment with Vinted's geographical reach and large member base, we see great potential to create a strengthened value proposition for consumers, and ultimately support increased uptake of second-hand. We are also grateful for the broad support that our offer has received from the Bid Committee and major shareholders of Rebelle."
Press release
About Rebelle
Rebelle operates the European online marketplace Rebelle.com for selling and buying luxury second hand fashion items and accessories. Rebelle takes control of the entire sales process, thereby physically verifying the authenticity and quality of products sold to consumers and assuming all payment processes and the shipments to buyers. Based on this capital-light “managed marketplace” model, Rebelle aims to deliver a superior selling and buying experience to its customers. Rebelle is offering products from the world’s most sought-after fashion brands, such as Louis Vuitton, Chanel, Gucci, Hermès and Prada while increasing customers awareness of sustainability and circularity within the fashion industry. Rebelle offers more than 200,000 products to, and listed by, customers throughout Europe with focus on the EU.
The offer
- The shareholders of Rebelle are offered SEK 14.10 in cash per share in Rebelle, corresponding to a total value of the offer, based on all 22,356,934 outstanding shares in Rebelle, of approximately SEK 315 million.
- The price per share in the offer represents a premium of:
- 8.46 per cent compared to the closing share price on 22 July 2022 (the last day of trading prior to the announcement of the offer) of SEK 13.00 for the shares (however, Rebelle's share price appreciated 76.87 per cent during the last five trading days prior to announcement of the offer);
- 52.95 per cent compared to the volume-weighted average trading price of SEK 9.22 for the shares during the last 15 trading days ended on 22 July 2022 (the last day of trading prior to the announcement of the offer); and
- 75.40 per cent compared to the volume-weighted average trading price of SEK 8.04 for the shares during the last 30 trading days ended on 22 July 2022 (the last day of trading prior to the announcement of the offer).
- The independent bid committee of Rebelle unanimously recommends that Rebelle's shareholders accept the offer. The recommendation is supported by a fairness opinion provided by Öhrlings PricewaterhouseCoopers AB.
- HCS Beteiligungsgesellschaft mbH, Friheden Invest A/S, Deutsche Balaton AG, North-East Venture ApS, Style Beteiligungs GmbH & Co. KG, Stiftelsen Facilitator, High-Tech Gründerfonds II GmbH & Co. KG, HV Growth Fund GmbH & Co. KG, SCG Beteiligungs UG, Hanse Ventures Investment Pool I GmbH & Co. KG, Max Schönemann, Hanse Ventures BSJ GmbH, Alexander Eulenburg and Skandia Fonder, together holding 14,464,007 shares in Rebelle, corresponding to approximately 64.70 per cent of the outstanding shares and votes in Rebelle, have irrevocably undertaken to accept the offer, irrespective of whether or not a higher competing offer is announced.
Rebelle's website
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