Accession Capital Partners sells its stake in Remix to NASDAQ-listed thredUP

Accession Mezzanine Capital III (AMC), advised by Accession Capital Partners (ACP), has sold its investment in Remix Global AD, a leading European fashion re-seller based in Bulgaria, to ThredUp Inc (NASDAQ: TDUP), one of the largest online resale platforms for women’s and kids’ apparel, shoes, and accessories in the US.

The divestment is the 48th for ACP, with three taking place in 2020 despite the challenging backdrop: ATM was sold to Global Compute Infrastructure; MBL was
purchased by INVL and Optimapharm was sold to The Rohatyn Group. ACP has also completed four new investments in the last 20 months.

ACP originally invested in Remix in 2016, providing €8 million to accelerate its growth and international expansion, later increased to €10 million and its equity holding to 9.8%. During its five-year holding, Remix increased its geographical coverage and product range, helping to drive revenue growth from around €8 million at the time of investment to approximately €30 million today.

Remix is a major contributor to the circular economy, with the re-sale and re-use of fashion clothing greatly contributing to a sustainable environment – something ACP is very passionate about. ACP’s investment in Remix is one of a number of impact investments the firm has made into socially and environmentally responsible businesses. Others include:

• Plasta, a leading European manufacturer of garbage bags from recycled plastic, in which ACP funds invested to support European expansion;
• PetStar, the Romanian leader in PET bottle production where ACP funds are a significant minority shareholder and financed, with support from the Romanian
Government, the construction of a recycled PET resin production plant;
• Flukar, a Polish producer of lubricating oils which operates the country’s largest recycling plant recovering used lubricants. ACP provided capital for construction of the plant and is supporting Flukar in its quest towards a circular economy for hydrocarbon products.

thredUP’s acquisition will accelerate its growth plans in Europe, where the second hand market was estimated to be worth $21 billion in 2020 and is expected to grow to $39 billion by 2025. thredUP believes extending the life of apparel reduces waste and aims to usher in a more circular future for fashion.