Tiny Fund I, LP, managed by Tiny Ltd. acquired WholesalePet.com from Emerge US Holdings LLC.
January 30, 2024
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Tiny Fund I, LP, managed by Tiny Ltd. (TSXV:TINY) entered into a share purchase agreement to acquire WholesalePet.com from Emerge US Holdings LLC for $9.25 million on January 23, 2024. The consideration will be paid in cash and is subject to to certain transaction closing adjustments. Following the Transaction, EMERGE will retain 4 brands across 2 main verticals, Grocery and Golf, in Canada and the U.S., namely truLOCAL, Carnivore Club, UnderPar and JustGolfStuff. In conjunction with the sale of WSP, EMERGE expects to utilize the majority of the transaction proceeds to pay down its senior credit facility on closing, which is expected to be reduced to $4.34 million from $11.76 million prior to the completion of the Transaction, and $18.55 million originally. The Company's interest expense savings following the aforementioned debt repayment is expected to be approximately $1.02 million annually. Following the transaction, EMERGE will no longer have any deferred payment obligations owed to WSP shareholders. Subject to the satisfaction of all conditions precedent to the completion of the Transaction, including receipt of TSXV approval, Closing is expected to occur prior to the end of January, 2024 or such other date as EMERGE US, the WholesalePet and the Tiny Fund I may mutually agree. INFOR Financial Inc. acted as the exclusive financial advisor to EMERGE in connection with the Transaction.
Tiny Fund I, LP, managed by Tiny Ltd. (TSXV:TINY) completed the acquisition of WholesalePet.com from Emerge US Holdings LLC on January 31, 2024.
Tiny Ltd. is a technology holding company. The Company has three core business segments: Beam, WeCommerce and Dribbble. The Beam segment, through MetaLab, helps start-ups to Fortune 500 companies to design, build and ship premium digital products for both mobile and Web. The WeCommerce segment provides merchants with a suite of e-commerce software tools to start and grow their online store. Its family of companies and brands include Pixel Union, Out of the Sandbox, Archetype, Foursixty, Stamped, KnoCommerce, Clean Canvas and Orbit Apps. The Dribbble segment is a creative network and community that design professionals use to meet, collaborate, and showcase their work. Dribbble also hosts an online marketplace for graphics, fonts, templates, and other digital assets. Its standalone businesses include several software and Internet companies and the operation of a private equity fund where the Company serves as the general partner (the Tiny Fund).