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Podcasts/Acquiring Minds
Acquiring Minds

How To Build An E Commerce Acquisition Company

with Kelsey Larrick · Steel River

LenderHawk analysis. Not affiliated with or endorsed by Acquiring Minds.

The Deal

Business
Steel River
Industry
E-commerce - Outdoor gear (knives, machetes)
Year
2017
Financing
SBA 7a
Deal Source
broker

Financing Structure

SBA 7(a)

Strategic Rationale

The first acquisition served as a platform business to establish e-commerce expertise and operational competencies that could be replicated and scaled across multiple brands within a holding company structure.

Post-Acquisition Performance

Steel River underwent rebranding and growth initiatives and remains part of 365 Holdings' portfolio of six e-commerce brands acquired over four years, with the holding company completing three acquisitions in the year of this podcast.

The LenderHawk View

Real lenders that finance similar deals

Active Lenders
10
Median Spread
P + 3.49%
Top Lenders
Wells Fargo Bank National Association381 deals
The Huntington National Bank374 deals
TD Bank, National Association338 deals
Manufacturers and Traders Trust Company219 deals
U.S. Bank, National Association173 deals

Key Takeaways

  • 1E-commerce businesses often operate in siloed channels and cross-platform growth tactics are not universally transferable across different traffic sources.
  • 2Operators who understand their circle of competence and can identify personal strengths in either marketing or operational execution can jump the line on scale through acquisition rather than starting from scratch.
  • 3Underwriting quality metrics around profit center durability, revenue driver sustainability, and business moat strength is more important than relying solely on financial statement multiples and EBITDA figures.

Matched SBA Loan Records

SBA loan filings we matched to this deal

KeyBank National Association85%
$50KP + 3.12%FY2021
SAUK VALLEY BANK & TRUST COMPANY85%
$1.0MP + 2.75%FY2016
Paradise Bank85%
$2.0MP + 1.50%FY2019