Windeln bolts on Bebitus

During its last funding round in January 2015, a consortium led by Goldman Sachs Merchant Banking Division and Deutsche Bank invested €45m in Windeln. Existing investors DN Capital, MCI Management and 360 Capital Partners also participated in the round. DN is the largest shareholder in the business. Windeln listed in a €470m IPO in May this year.

Windeln's investors did not inject additional equity in the business to finance the transaction. Barcelona-based Bebitus will retain its brand name and will remain an independent business unit. The existing management team will also continue to lead the company.

The cash purchase price to be paid to Bebitus shareholders stands at €5m. Both parties also agreed on additional performance-based purchase price instalments that depend on Bebitus reaching revenue targets each year until 2017. The majority of the performance-based element will be paid in the form of new Windeln shares.

The bolt-on is part of the company's European expansion. Besides Spain, Bebitus also operates online shops in Portugal and France. In April 2015, Windeln acquired Feedo, a Czech baby and toddler products online shop with additional websites in Slovakia and Poland.

Company
Founded in 2011 and headquartered in Barcelona, Bebitus sells baby and toddler products. Its products range from daily needs to higher-margin commodities like strollers. It expanded to France in 2013 and to Portugal in 2014.

Bebitus generated revenues of €7m in 2014.

People
Guillem Sanz Marzà is the CEO and Alexandra Viguera Andreu is the COO of Bebitus. Alexander Brand is the founder and a management board member of Windeln.

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