GCA Altium advises Nordic firm on sale to TopCashBack

Financial Services | Mergers & Acquisitions | Midlands

Global investment bank GCA Altium – which has offices in Birmingham – has advised the shareholders of Nordic-based Refunder, on its sale to Stafford-based Top Online Partners Group, a cashback platform.

Refunder was founded in 2014 in Stockholm, Sweden, with the ambition to establish the cashback model in the Swedish market and become the natural starting point for Swedish consumers’ online shopping. Today, Refunder has over 600,000 members and close to 1,000 well-known retailers on Refunder.se. Since 2018, Refunder has expanded its operations into Poland too.

eEquity, Bonnier Ventures and management have announced a full exit from Refunder. Top Online Partners Group has acquired a large minority ownership in the company and will gradually take over 100% of the business over a 3-year period.

Headquartered in Staffordshire, Top Online Partners Group, which owns brands including TopCashback, was established 16 years ago. With more than 15 million members worldwide, the cashback shopping site helps users to save as much money as possible on their shopping by offering money back on everything they buy from the site.

Since its establishment, the business has expanded to become one of the largest cashback companies in the world, having achieved No. 1 status in the UK and launching in the USA, China, Germany and India.

Martin Larsson, Managing Director at GCA Altium, said: “We are pleased to have supported the Refunder team and shareholders, helping them navigate the uncertain market landscape during the COVID-19 pandemic. We look forward to seeing how this new alignment with Top Online Partners Group progresses further in the future as the company expands its geographical reach and network. This deal marks the latest in a string of cross-border transactions for GCA Altium in recent months.”

Ulrika Saxon, CEO of Bonnier Ventures and Chairperson of the Board of Refunder, commented: “We invested early in Refunder, in 2014, and have seen the company grow steadily and successfully into its position as a Nordic market leader. We are impressed by the strong management team, and this step is proof of their hard work and impressive performance. We look forward to welcoming TopCashback as a new investor with great relevance around the cap table.”

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