附近上门

Growve, a brand aggregator acquiring and operating wellness and beauty brands, brought in a $175 million credit facility Thursday.

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The financing was backed by a banking syndicate comprised of Truist Bank, , , , ., , , , and . The $175 million credit facility comes on the heels of a from . Financial terms of that deal were not disclosed.

Growve is one of 100 e-commerce aggregators and the latest to bring in a significant amount of capital as the sector continues its hot streak. Investments into these companies heated up in 2021, with the companies in this sector raising over $1 billion. This week, announced a $775 million round of Series A funding led by, and just prior to that, raised $70 million in Series B funding.

Headquartered in St. Petersburg, Florida, Growve was founded in 2018, and both acquires and creates brands in six verticals: dietary supplements, beauty, food, sports nutrition, pet and household wellness, and beauty products.

鈥淲hile other aggregators are category agnostic, we decided to focus on wellness and beauty because we all have backgrounds and expertise in that area, and it made sense to be able to have control over regulatory and quality,鈥� President told 附近上门 News.

Unlike other aggregators, the company manufactures some of its products, including gummies under its Fruily brand, as well as powder products. In addition to operating companies on , Growve has relationships with other channels, including brick-and-mortar retailers, he said.

It also has a rolling equity program that enables founders and sellers to roll equity into their brand. Growve will take a majority position in the company, for example 55 percent, while the company founder will hold the other 45 percent and be part of the brand鈥檚 future growth.

鈥淎 lot of aggregators don鈥檛 like to do that,鈥� Bunch said. 鈥淲e thought we could grow better if we brought founders along. They are about the brand, and the founder will be able to get a higher multiple or exit being a part of us versus on their own.鈥�

Growve intends to pour all of the new funding into acquisitions, inventory and building out infrastructure and team. It has 20 brands under its umbrella, having acquired seven in the last 12 months, and will add four more in the next 45 days, Bunch said, adding that the company will reach $250 million in revenue by the end of June and has more than 400 employees.

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