A British e-commerce company which works with retailers including Aldi, Argos and John Lewis has struck a deal to sell itself to an American rival.
Sky News understands that Virtualstock, which is chaired by the Moonpig founder Nick Jenkins, is being acquired by private equity-backed Logicbroker in a deal that could be announced as soon as Tuesday.
Virtualstock specialises in so-called ‘dropshipping’, which involves it connecting retailers to suppliers to fulfil orders placed online.
Established in 2004, the UK company processes more than eight million orders each year with a gross merchandise value of over £2bn.
It also counts B&Q and Currys among the retailers it works with.
The venture capital firms Notion Capital and Eight Peaks, as well as Mr Jenkins, are among Virtualstock’s shareholders.
Logicbroker is backed by K1 Investment Management, a Connecticut-based private equity firm.
Jaguar Land Rover cyber attack: Production shutdown enters sixth week
Money blog: Don’t buy anything in Amazon’s ‘Prime Big Deal Days’ until you’ve read this
Major shake-up of home buying aims to make process cheaper, quicker and easier
The combined business will have a network consisting of more than 15,000 retail and brand partners globally, according to a person close to the deal.
The terms of the transaction could not be ascertained on Monday.
Be the first to get Breaking News
Install the Sky News app for free
Virtualstock declined to comment.
