CPE News Brief (8.18.2023) – Truelink Capital has acquired Flipp Corporation from General Atlantic, Insight Partners, management and others.
The transaction officially closed on August 17, 2023. Financial terms were not disclosed.
Formed in 2022, Truelink Capital is a middle-market private equity firm based in Los Angeles, California with US $174 million under management (as of December 2022).
Flipp, formerly Wishabi, raised US $15 million in Series B from Insight Partners in August 2013, and US $61 million growth equity in March 2016 from General Atlantic with a reported valuation of US $400 million.
Founded by Wehuns Tan, David Au-Yeung, David Meyers and Matthew Cheung, Toronto based Flipp is a marketing technology platform, driving value for retailers and CPGs.
photo credit: Flipp
Truelink Capital Acquires Flipp Corporation
LOS ANGELES and TORONTO, Aug. 16, 2023 /PRNewswire/ — Truelink Capital (“Truelink”) announced its acquisition of Flipp Corporation (“Flipp” or the “Company”). Founded in 2008, Flipp is a leading marketing technology platform, driving value for retailers and CPGs. The company works with some of the largest retail enterprises to automate, publish, and distribute digitally-native merchandising content. Over the last several years, Flipp has built an expansive distribution platform, reaching over 100 million households. Flipp is rapidly building the future of digital merchandising, empowering retailers and CPGs to shape shopper demand at scale.
“Today is an exciting day in the history of Flipp,” stated Michael Silverman, Flipp CEO. “Truelink is an accomplished partner and we feel humbled by the partnership. Looking forward, we see considerable opportunity and we plan to leverage this investment to drive greater innovation and accelerated growth. Our retail and CPG partners rely on Flipp to provide unparalleled digital distribution tools and we are devoted to ensuring we continue to deliver innovative solutions at a blistering pace. Our proprietary distribution platform offers our customers the scale and ROI they need to drive critical objectives. Truelink has validated our place in the market and will allow us to drive forward as a market leader. We are proud to be on this journey and excited to partner with Truelink.”
Luke Myers, Founder and Managing Partner of Truelink said, “Flipp is a leading digital marketing platform connecting retailers and CPG manufacturers to tens of millions of high intent shoppers through their comprehensive marketplace. Over their history, Flipp has made tremendous progress building out and enhancing their ecosystem to better serve their customers, and we are thrilled to partner with the Flipp management team on their next phase of growth. We will continue to invest in the company’s existing service offerings while pursuing new avenues for growth both organically and through potential strategic acquisitions.”
This transaction marks the third acquisition for Truelink, which was launched in 2022 by Todd Golditch and Luke Myers to target companies in the industrials and tech-enabled services sectors. The firm’s senior team brings decades of experience to their portfolio company partners, an extensive history of creating value together and well-established strategies to improve processes, fuel growth and enhance earnings.
RBC Capital Markets served as the financial advisor to Truelink Capital.
Stifel served as the exclusive financial advisor to Flipp for the transaction and Stikeman Elliott served as legal advisors.
About Truelink Capital
Truelink Capital is a middle-market private equity firm based in Los Angeles. Truelink pairs deep industry experience in the technology-enabled services and industrials sectors with a commitment to building partnerships that drive long-term value creation through an operationally focused strategy. Truelink partners with management, corporate sellers, and founders to accelerate growth through the execution of operational improvements, strategic initiatives, and transformative add-on acquisitions.
Founded in 2008, Flipp is a technology platform that is reinventing the way people plan their weekly shopping trip. Flipp connects North America’s retailers and CPG manufacturers to tens of millions of high intent shoppers each week. Flipp helps partners redefine how shoppers discover products and make purchasing decisions in the digital world. The platform extends from upstream integrations with offer management systems to analytics and insights on the distribution and engagement of digital merchandising content.
SOURCE Truelink Capital