Successful Closing of the acquisition of Remix by ThredUp. Exit of AMC from their investment in Remix.
20 October 2021
Penkov, Markov and Partners has provided integrated legal advice to the Dutch entities AMC III Clothing B.V. and Accession Mezzanine Capital III Cooperatief U.A. (“AMC”) at the Closing of the sale of their participation in Remix (REMIX GLOBAl AD) – one of the leading online second hand shops and fashion outlets in Europe. The deal was a part of the acquisition of Remix by the Californian trader of second hand clothes and a public company ThredUp Inc. by which AMC went out prematurely from its investment in Remix.
The transaction was executed on 7th of October 2021 and was preceded by a process of detailed coordination of the actions of the parties under the deal and execution of the conditions and the obligations according to the signed agreements. Additional guarantee but a complication from a legal perspective as well, was created by the inclusion of an escrow agent needed for the complex and certain realization of all accompanying procedures including registration, litigation and administrative ones.
PM&P’s team in this project included Senior Partner and Chairman Vladimir Penkov, Managing Partner Nikolay Cvetanov, as well as the Associates Pavel Tsanov, Rumyana Yordanova and Vencislav Semkov.