Thracio, the early leader of the big business of Amazon consolidation, had a booth at the popular Prosper Show for Amazon sellers on July 14, 2021 in Las Vegas, Nevada.
Thrasio, the top U.S. aggregator of Amazon third-party vendors, was running in the public market for its rapid expansion. But the company has delayed public planning through a SPAC amid the complexities of its financial audit, according to people familiar with the matter.
Before changing paths over the summer, Thracio wanted to complete a reverse merger with a special-purpose acquisition company by the end of the year, said those who asked not to be named because the plans had not been publicly discussed. The company may still pursue a SPAC, but is also considering other financing options, including a traditional strategic IPO, people said.
Turnover in the C-Suite is adding to Thracio’s challenge. Chief Financial Officer Bill Wafford, a former Jesse Penny CFO, left Thracio in July, just three months after joining the company. Thracio said it has hired Brian Cooper, chairman of marketing company Networks, as its interim CFO.
And last month, co-founder Josh Silverstein resigned from his position as co-CEO, leaving co-founder Carlos Cashman to serve as the company’s sole CEO.
Bloomberg reported in June that Thracio was in public talks to merge with a SPAC led by Michael Klein, a former executive of a CP group that could be worth 10 10 billion. The audit process has proved more difficult than a typical e-commerce or tech company, as Thracio now oversees more than 200 Amazon brands, creating a complex balance sheet, the source said.
Thracio President Daniel Booker confirmed to CNBC on Friday that the company has decided not to take a SPAC for the time being, although he said, “We have never announced a firm plan to go public through SPAC.”
“In the end, our leadership team and our board looked at the market, which is not surprising, and decided that going public through SPAC is not the right choice at the moment.” “
Bookover declined to comment on whether the company is considering an IPO or other financing option in the future, but said “all options are available to us.”
Thracio, which was founded in 2018, and its colleagues, such as Perch, Head and Brand, have increased their purchases of promising products and storefronts with the goal of selling turbocharges using their data and operational expertise. According to Marketplace Pulse, at least one Amazon consolidator has raised a total of about ১০ 10 billion since April 2020.
Last month, Thracio said it raised $ 650 million in a senior debt facility, with total debt and equity exceeding 2.3 billion. It now oversees more than 200 brands, with more than 22,000 products in various categories ranging from skincare and camping equipment to home furnishings and fitness products.
Thracio is ranked 22nd on CNBC’s list of 50 Disruptors this year.
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