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A leading software-enabled full-service e-commerce specialist for underserved stationary retail
- Leading software specialist enabling stationary retailers without own online capabilities access to e-commerce channels
- With TPG’s proprietary platform software at the core, TPG acts a full-service e-commerce enabler for almost 12,000 stationary retailers (Partners)
- Listed business (€ 184m market capitalization) with continued strong family-backing from Mr. Benner as CEO and main shareholder
Diversified across 21 industry verticals for B2C and B2B customers
- Highly diversified business across 21 different industry verticals serving 4.4 million mainly B2C, but also B2B customers (LTM Q1-24)
- TPG operates own platforms and offers its Partners’ products on third party platforms such as Amazon, ebay, etc.
- No dependence on a single Partner or platforms limiting demand risks due to low correlation of end-markets
Attractive platform-based business model with deep value chain integration
- Attractive combination of software and e-commerce business with generally higher margins than e-commerce and lower cost base than software businesses, while the technology acts as differentiating factor driving Partner stickiness
- Platform model generally without taking own inventory risk and without direct selling pressure
Focus on underserved and fragmented verticals with e-commerce penetration potential
- Significant growth potential – while the overall e-commerce market is growing (10% CAGR 23-29 expected), on average less than 10% of businesses in Europe do not sell via market places
- Focus on highly fragmented niche markets with attractive product dynamics and ability to leverage TPG’s software platform
Low-risk M&A strategy leveraging TPG’s flexible software-solution
- TPG is targeting 50% of inorganic growth and has established a successful M&A track record with more than 20 acquisitions
- Focus solely on profitable online platform or e-commerce business with proven track record
- Within all targets TPG’s platform software is implemented and holding services offered to generate synergies and drive profits
Asset-light, profitability-focused business allowing attractive cash generation and moderate leverage
- Asset-light software-focused business with limited capex need and lean cost structure, allowing attractive cash conversion
- Full management focus on profitability – TPG has industry leading low marketing and distribution costs, driving margin expansion
- Moderate net debt to enterprise value of c.35% and conservatively calculated pro forma leverage of 3.1x based on LTM Q1-24 pro forma adj. EBITDA. Clear company guidance on further deleveraging
