Global Marketplace, the parent company of Click Frenzy, Click Central and Power Retail, has acquired the NZ online marketplace, GrabOne, for $17.5 million.
GrabOne is one of the largest daily deals websites in New Zealand, as well as one of the largest e-commerce websites in the country, with 2,400 Active Merchants and over 300,000 consumer members. The online marketplace offers products and services across three verticals, including Experiences, Escapes and Store – a wide range of everyday and occasional items.
Global Marketplace (GMP) is the owner of online sales events, Click Frenzy, the recently-launched online marketplace, Click Central, and Power Retail. The company has a “strong portfolio of quality brands, said Nathan Brown, CEO of GMP, and has been long considering and looking for the right opportunity to expand beyond Australia.
The company “sees an opportunity to leverage these into NZ via GrabOne marketplace and the GrabOne consumer database,” Brown explained. “Many of our current partners were already asking if we were going into NZ.”
The acquisition complements GMP’s recent launch of the new online marketplace, Click Central. The platform will have revenue opportunities with the Store element of GrabOne, as there will be sellers interested in expanding into the Australian or New Zealand market. “GMP is excited to acquire GrabOne and work with the team to grow and expand the business,” shared Brown. “Combining the e-commerce, data and digital experience of both companies will allow us to deliver great outcomes for all of our key stakeholders including our merchants and consumers.”
Nathan Brown, CEO of Global Marketplace
This acquisition is in line with GMP’s continued growth and diversification of its e-commerce platforms, Brown explained, and will ‘add significant talent’ to the team.
“GMP is a perfect fit as GrabOne’s new owner,” said Michael Boggs, the CEO of NZME. “With its dedicated focus on ecommerce and the digital marketplace, it’s well placed to explore and execute opportunities to grow GrabOne and support the GrabOne team even further.”
GMP Founder, Grant Arnott, currently owns approximately 60 percent of the business, and almost 40 percent is owned by Tanarra Capital, which acquired its stake in 2016. In July 2021, GMP named Nathan Brown as its CEO, and welcomed Naomi Simson, Founder of RedBalloon, and Justin Hind, digital business entrepreneur and CEO, as Non-Executive Directors.
“We see a lot of potential in [GrabOne],” said Arnott to AFR. “It’s a well-run business and we believe with the right investment and right marketing it can see significant growth.”
The $17.5 million deal is an all-cash transaction, with NZME providing transitionary service under Agreement, and is expected to be completed no later than 31st October 2021. All roles at GrabOne will be offered with GMP.
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