Apollo Global Management Inc. is trying to salvage an ill-timed bet it made two years ago on Amazon.com Inc. aggregators, companies that scooped up popular online brands and are now teetering after the pandemic-fueled sales boom evaporated.
Apollo in 2021 pledged as much as $500 million in debt to Victory Park Capital, a leading investor in multiple aggregators. Victory Park, a smaller firm, for months has been seeking a buyer for one of those investments, an aggregator named Perch, in a deal that would involve offloading about $400 million in debt, according to the people familiar with the matter, who requested anonymity to discuss private negotiations.
In recent days, Victory Park appointed new board members to other Amazon aggregators they’ve backed, which the aggregators say amounts to pressure to make them buy a struggling company they don’t want.Read More: Amazon ‘Aggregators’ Who Raised $16 Billion Are Teetering Apollo and Victory Park tried to sell Perch to Berlin-based Razor Group, according to the people. Victory Park has a debt investment in Razor, which it tried to use as leverage to get it to buy Perch, but L Catterton, which has an equity stake in Razor, scuttled the deal, according to the people.
The disagreement between Apollo and L Catterton highlights the tension between debt holders and equity stakeholders in the Amazon aggregator industry as it melts down. Debt holders are generally first in line to get paid and want to recover as much principal as possible. Equity holders want the debt holders to accept a loss on principal to make the companies stronger financially and increase their value.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Shopify, Amazon strike deal to integrate 'Buy with Prime' in Shopify storesTORONTO — Shopify Inc. has reached an agreement with rival Amazon.com Inc. that will allow Shopify merchants to embed Amazon’s logistics capabilities within their Shopify stores. The competing e-commerce companies say the deal centres on an app Amazon will release within Shopify's ecosystem letting U.S. merchants that use Amazon’s fulfilment network to add Buy with Prime to their Shopify checkout process. Buy with Prime is an Amazon program helping merchants offer speedy shipping on orders made
Lire la suite »
Shopify, Amazon strike deal to integrate 'Buy with Prime' in Shopify storesTORONTO — Shopify Inc. has reached an agreement with rival Amazon.com Inc. that will allow Shopify merchants to embed Amazon’s logistics capabilities within their Shopify stores.
Lire la suite »
Shopify, Amazon strike deal to integrate 'Buy with Prime' in Shopify storesShopify Inc. has reached an agreement with rival Amazon.com Inc. that will allow Shopify merchants to embed Amazon’s logistics capabilities within their Shopify stores.
Lire la suite »
Apollo Global Hires BlackRock Veteran Moreno in US Family Office PushApollo Global Management Inc. hired BlackRock Inc. veteran Rick Moreno to bolster the buyout giant’s US team targeting investment firms for the ultra-rich.
Lire la suite »
S&P/TSX composite up as Shopify boosts tech sector, U.S. stock markets also higherTORONTO — Strength in technology stocks led by Shopify Inc. after its deal to help merchants integrate access to Amazon.com Inc.
Lire la suite »
S&P/TSX composite down despite Shopify boost to tech sector, U.S. stock markets mixedTORONTO — Strength in technology stocks led by Shopify Inc. after its deal to help merchants integrate access to Amazon.com Inc.
Lire la suite »