Web Deals Direct Has Been Acquired by Perch
HOUSTON, July 13, 2021 – GulfStar Group (“GulfStar”) is pleased to announce the acquisition of Web Deals Direct LLC (“Web Deals Direct” or the “Company”) by Whele, Inc. (dba “Perch”). GulfStar served as the exclusive financial advisor to Web Deals Direct throughout the transaction, which closed on May 21, 2021.
Web Deals Direct is amongst the largest global FBA sellers on Amazon with an owned-brand portfolio spanning several everyday use categories, including Home & Kitchen, Patio & Garden, Sports & Outdoors, Arts & Crafts, Pet Supplies and Office Products. The Company utilizes a sophisticated analytics platform that provides real-time visibility into all aspects of the business, from the production supply chain to a myriad of critical marketplace decision points. Extraordinary execution in high volume product identification, compelling branding, exceptional customer service and dynamic selling platform management, have afforded Web Deals Direct a massive base of 4+ star consumer reviews and a demonstrable leadership position in the FBA seller universe.
"It is very gratifying to have built a business from zero to $80 million in sales in five short years, all with a very small but talented and dedicated team,” said Adam Feinberg, CEO of Web Deals Direct. “The success of Web Deals Direct is not only emblematic of the incredible growth opportunity that exists for third-party sellers on the Amazon Marketplace, but it is also representative of the focus and tireless effort that is required to navigate such a large and dynamic channel. On behalf of the Web Deals Direct team, I would like to thank GulfStar for a partnership that has spanned almost four years, and for the dedicated effort and thoughtful advisory that helped to keep us in front of the process from beginning to end."
Perch is a technology-driven commerce company that acquires and operates Amazon FBA businesses and other direct-to-consumer brands with winning products in their respective categories. Perch seeks high-quality products and brands that have a steady history of strong customer reviews, are consistently one of the top three products within their category and have visible potential for expansion. Since its founding in 2019, Perch has raised more than $900 million in capital from SoftBank Vision Fund, Spark Capital and Victory Park Capital and has acquired over 70 brands with multiple transactions in-process.
"It’s hard to describe the Web Deals Direct story as anything short of extraordinary," said Scott Winship, managing director at GulfStar. "Adam, Rich and Lisa parlayed a $50,000 initial investment into a massive value creation vehicle, and they did it through the application of visceral intelligence, an always on approach to operational management, and the execution of incredible foresight with respect to the timing of market forces and opportunities. It has been stunning to observe in close quarters, and the team roundly deserves every ounce of success they have achieved.
“In what was a rapid, but very nuanced transaction process, we would like to take the opportunity to expressly acknowledge the immense efforts and practiced guidance delivered by Jennifer Rosenthal and the team at Koenig, Oelsner, Taylor, Schoenfeld & Gaddis PC, who have served as counsel to Web Deals Direct on multiple corporate transactions. We would also like to firmly acknowledge the heavy spirit of partnership, highly commercial transactional approach and extraordinary transparency and communication imparted by the Perch team, led by Chris Bell, Nate Jackson, Mike Wolner and Suzanne Roeder – all of whom were intimately involved in every aspect of the process. Finally, we would like to sincerely thank Jeff Matthews and Evan Sultzbaugh at EastWest Bank for stepping in early in the Company’s lifecycle with the vital capital support that helped propel the Company’s extraordinary growth with efficient, flexible and thoughtful financing solutions.”
The GulfStar team was led by Managing Director Scott Winship along with Associate Andrew Winters.
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About GulfStar Group
GulfStar is a leading middle market investment bank headquartered in Houston. GulfStar specializes in providing merger and acquisition advisory services, institutional private placements of equity and debt, and general corporate finance advisory services to companies with revenues or enterprise values generally ranging from $25 million to $350 million. Since its formation in 1990, GulfStar has completed more than 700 transactions in 35 states and 16 foreign countries across a variety of industries.