RE: Why wouldn't22 Apr 2023 10:12
I’m sure we could map the story from Matt and Ian’s LinkedIn messages.
I assume they were in receipt of the Apollo offer when Matt posted this on the 13th April.
“I'd been close to signing a deal with private equity. I'd agreed to sell c65% of THG” … “It was obvious we needed the cash, and so the PE firm dragged out the deal for 6 months, seeing how far they could keep reducing the price. The business was flying, but we were cornered and they knew it. They were ruthless.”
“I looked for back up plans and was introduced to a local family called the Nevinsons. After a hastily arranged coffee at our offices they agreed to invest £1.5m into THG to fund the growth. What a blessing. Within a week the deal was complete and we left the PE firm at the altar to their utter shock. THG was safe and I was still in control.”
“we secured venture capital investment on massively better terms than the PE offer. We now had proper funding. I was still in control” “From there, the rest is history”