Used By was acquired by Odd Molly for $1.2M.
Used By, a Stockholm, Sweden-based company operating a business based on managing a marketplace for second hand goods, announced in a press release that it entered into an agreement for being acquired by Odd Molly, a Swedish clothing company.
The transaction was made for SEK 11.5 million ($1.2M), through a rights issue of a maximum of 2,547,871 newly issued shares at a subscription price of SEK 4:50. Odd Molly is listed on the Stockholm Stock Exchange since June 2007.
The announcement is part of a larger deal, as Odd Molly buys a larger logistics property in Kristianstad and all shares in the former owner company Ilija Batljan Invest Kristianstad Real Estate for SEK 75.6 million ($7.8M). Former politician Ilija Batljan and his wholly owned company Ilija Batljan Invest Kristianstad's holding of capital and votes in Odd Molly will after the transactions amount to 45.48 per cent and, at most, around 53.05 per cent if only the logistics real estate acquisition is completed.
Used By, founded in 2003 as Net-A-Porter by CEO Elin Ryer, developed an online marketplace for the sale of vintage and second-hand branded products in the verticals like fashion, home or kids. During the fiscal year 2018, Used By (operated by Used A Porter International AB) had a turnover of approximately SEK 0.9 million ($90k) and reported an EBITDA result of about SEK -0.5 million.
Used By was backed by outside shareholders including Ilija Batljan and Perfect Day Media.