GNOC has sold G-Rack Holdings, a part of its business which specialises in the sale of racking and shelving products via Amazon. It was acquired by German private equity group Razor and is part of an increasing trend by buyers to aggregate successful marketplace selling businesses.
Durham based GNOC was established in 2015 and is active in a number of merchandise areas including home and garden, pet supplies and nutrition products. The sale of G-Rack will allow GNOC to expand its business into new areas and continue its growth trajectory.
Acquiring business Razor Group was founded in 2020 and has raised over US$ 450m in the last 10 months, specifically for acquisitions and is understood to reviewing several other UK based opportunities.
Jonas Diezun, co-founder and CCO of Razor Group, said: “We are delighted to welcome the UK eCommerce leader in racking & shelving to the Razor family. It was a pleasure to work with Graeme and the GNOC team throughout the transaction process. We especially enjoyed the face-to-face meeting at the G-Rack warehouse during the acquisition, the excellent due diligence and the great integration process. We now look forward to pursuing our business plan together with the GNOC team to further develop G-Rack in the upcoming years.”
Graeme Gilpin, founder and CEO of GNOC, said: “This was a complex transaction but our advisors WBD worked incredibly hard to make it a success, guiding us through to completion with great leadership, expertise and pragmatism. Having such a personable, diligent team with deep sector expertise and other specialist support on hand at all times was invaluable.”
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