A team of experts from the international law firm Gowling WLG has acted for the selling shareholders on the sale of retailer returns logistics platform ReBOUND Returns to The Reconomy Group, a leading provider of technology-enabled services to drive the circular economy.
ReBOUND Returns aims to reduce the environmental impact of packaging, shipping and processing returns, calculating the most carbon-efficient routes and encouraging recycling and re-use where possible - making the acquisition by Reconomy an ideal addition to their existing portfolio. ReBOUND is a leading player in the retailer returns business and its clients include ASOS, Gymshark and Sweaty Betty, among others.
The team at Gowling WLG was led by partner Jeremy Millington and principal associate Max Moore, assisted by corporate associate Lottie Brewster. A tax team led by partner Zoe Fatchen, principal associate Tom Rank and associate Helen Hibbert provided tax-related advice on the transaction whilst principal associate Hannah Swindle advised on employment matters.
The selling shareholders included the founders of the business Graham Best and Phil Smith, together with the growth investor BGF. Gowling WLG advised on BGF's initial investment into ReBOUND in 2018.
Commenting on Gowling WLG's role, partner Jeremy Millington said:
"It has been fantastic to have advised on the sale of such a fast growing and successful business in a very interesting and topical sector. We really enjoyed working with both the management team and BGF on the transaction, the culmination of a number of months of hard work, and following on from our previous work on BGF's investment in 2018."
Clearwater International provided corporate finance advice to the selling shareholders. The Reconomy Group was advised by Eversheds Sutherland.