Suma buys VenturCap’s 30% stake in Tradeinn

Tradeinn's enterprise value remains undisclosed, but reports in the Spanish press place it in the €50-60m bracket. Following the all-equity deal, the company's CEO David Martín will keep the remaining 70% stake he controlled with VenturCap as shareholder.

Suma's takeover marks the end of an exclusive process for the firm, whose investment team were acquainted with managers at Tradeinn, unquote" understands.

Under Suma's shareholding, Tradeinn is aiming to push revenues up from the €45m figure it is targeting by year-end to €100m within three years.

The company expects to hit that threshold via new online stores and growth abroad, where it claims more than 80% of its current turnover is generated. Organic growth will be prioritised in the coming years but the company does not rule out bolt-on opportunities, according to Suma.

Speaking to unquote", a source close to the situation revealed the investment is the second to come from Suma's growth-focused fund. The vehicle first backed costumes and accessories retailer Party Fiesta, in which Suma has been holding a 22.5% stake since an investment in January 2015.

Suma Growth deploys €3-10m per transaction and in Tradeinn's case, the actual figure lies closer to the upper end of that range.

Company
Founded in 1997, Tradeinn started out as a diving equipment retailer under the Scubastore.com brand and entered new segments via the Trekkinn.com and Snowinn.com units in 2008. Recently, the sportswear-focused Dressinn.com and fitness Traininn.com brands have been added to the group.

Employing 120 professionals at its headquarters in Celrà, the company sells its products from 750 brands to more than 1 million customers through 13 stores and is aiming to finish 2015 with €45m in revenues.

People
Suma Capital was represented by chief executive Enrique Tombas. David Martín is Tradeinn's current CEO.

Advisers
Equity - One to One Corporate Finance (Corporate finance); Garrigues (Legal); EY (Legal).

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• Topics
• Southern Europe
• Exits
• Consumer
• Expansion
• Spain
• Suma Capital
• Secondary purchase