Aggregator

Definition

A firm that buys and rolls up third-party e-commerce brands to operate them at scale.

Why It Matters

They were the marginal buyer that lifted online-brand multiples, and their retreat reset pricing for everyone, which is a useful reminder that an exit multiple is a market condition rather than a property of the business. Underwrite the exit on who is actually buying now and at what price, not on what the category traded at in its best year. If the answer is a smaller pool, that belongs in the price you pay today.