By Pet Age Staff//January 25, 2024//
By: Pet Age Staff//January 25, 2024//
Press release: Tiny
Tiny Ltd., a Canadian technology holding company, recently announced that its private partnership Tiny Fund I, LP has entered into a definitive agreement to acquire Retail Store Networks, Inc (d/b/a WholesalePet.com) (WSP), a B2B marketplace for wholesale pet products from EMERGE US Holdings LLC, a subsidiary of EMERGE Commerce Ltd.
Founded in 2001, WSP has established itself as one of the largest pet wholesale marketplaces in the United States, growing gross merchandise value by more than 100 percent over the last 10-years. WSP specializes in serving pet boutiques, pet stores, and pet service businesses, including pet boarding and grooming. The platform enables thousands of independent pet retailers to purchase pet products from a diverse range of manufacturers and distributors. WSP operates solely as a marketplace, carrying no inventory.
“We are excited to partner with Tiny for the next stage of growth at WholesalePet,” said founder Robert Nelson. “We believe Tiny’s long-term oriented approach and experience with marketplace businesses will enable us to continue to improve our platform and best serve our customers for years to come.”
“When we spoke to store owners and people in the independent pet retailer community, they often knew the WholesalePet team by name,” said Andrew Wilkinson, co-founder of Tiny. “This speaks to the incredible brand and reputation they have built over the last 23 years. We’re excited to build upon this with the team at WholesalePet to continue supporting the independent pet retail community.”
Pursuant to the definitive agreement, the buyer has agreed to pay the seller cash consideration of $9,250,000 on closing of the transaction, subject to standard closing adjustments.
The Closing is expected to occur prior to the end of January 2024, or such other date as the Seller and the Buyer may mutually agree. Closing is subject to customary closing conditions in favour of the Buyer and the Seller, including EMERGE receiving final approval of the TSX Venture Exchange.
Tiny is a Canadian-based investment company focused primarily on investing and acquiring majority stakes in businesses that it expects to hold over the long-term. The Company is structured to give maximum flexibility to operating management teams by maintaining a focus at the parent company level on only three areas: capital allocation, management, and incentives. This structure enables each company to run independently and focus on what they do best, within an incentive structure that is designed to drive results for both the operating business and ultimately for Tiny and its shareholders.
Tiny currently has three principle reporting segments: Digital Services, which provides design, engineering, brand positioning and marketing services to help companies of all sizes deliver premium web and mobile products