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Aus marketplace for independent artists boosted with equity raise
Allens has advised ASX-listed Redbubble Limited on an equity raising to fund its acquisition of US-based TeePublic.
Grace Ormsby
Firm: Allens (Redbubble Limited)
Value: $60 million
Area: Corporate, M&A
Key players: Allens’ team was led by partner Robert Pick, including associate Keegan Lopez, and lawyers John Jacob and Bridgette Gorman.
Deal significance: Australian headquartered Redbubble is a global online marketplace for print products using independent artists’ designs.
According to an Allens statement, it connects “a global community of independent artists looking to showcase and sell their work, consumers seeking creative works across a range of quality products, and third-party fulfillers utilising leading-edge on-demand capabilities to produce products after they have been ordered by customers”.
In a similar vein, TeePublic is a US global online marketplace “that enables a curated community of artists from around the world to sell their designs across 45 product types that are produced and fulfilled by a network of third-party suppliers”.
Redbubble’s equity raising comprises fully underwritten one for 13 pro-rata accelerated non-renounceable entitlement offer to raise $24 million, with a fully underwritten institutional placement for the raising of a further $36 million.
Speaking about the deal, Mr Pick said the team appreciated the opportunity “to work with the Redbubble team on this important transaction, which provides Redbubble with new opportunities for expansion in the US market”.
He said, “Redbubble is a great Australian success story, and a global leader.
“The acquisition of TeePublic expands Redbubble's online marketplace to connect more independent artists with passionate fans across the world and creates a second brand into an additional customer demographic.”
