CommerceHub Inc (NASDAQ:CHUBA), GTCR and Sycamore Partners reported a definitive deal whereby affiliates of Sycamore and GTCR, two major private equity firms, will buy all outstanding stock of CommerceHub, a major distributed commerce network for brands and retailers.
Frank Poore, the CEO, President and Founder of CommerceHub, expressed that it is a significant achievement for company and a very promising outcome for their stockholders. Sycamore and GTCR recognize the power of company’s platform and their unique ability to transform the way brands and retailers lead growth through ecommerce. Their clients depend on CommerceHub as a strategic associate to support their most critical growth plans, and they are assured that their association with Sycamore and GTCR will accelerate the advancement of their solutions and platform to boost the future of retail.
Mark Anderson, the Managing Director of GTCR, expressed that the CommerceHub team and Frank have established a unique firm with an extremely strategic position in ecommerce. They are thrilled to work with Poore to continue following on their vision for a network and platform to link together all sources of supply, demand and delivery in international ecommerce.
Peter Morrow, the MD of Sycamore Partners, stated that CommerceHub marks as a valued partner to several leading retailers. They expect working with the company’s team to help them advance by continuing to enable suppliers’ and retailers’ ecommerce offerings.
CommerceHub’s Board unanimously approved the agreement and recommended that shareholders vote their shares in support of the transaction. The company will become a privately held entity and will be headquartered in Albany, NY, with its offices in Hertford, England and Seattle, WA. The deal, which is projected to close in Q3 2018, is contingent to customary closing conditions, counting the approval of the firm’s stockholders and essential regulatory permissions. CommerceHub was advised by Baker Botts L.L.P and Evercore.