Recent news reports confirm that Shane Bradley, the CEO of GrabOne has sold the final 25% of the company to APN News and Media (owners of the NZ Herald). $12 million was the price for the final 25%, possibly valuing the company at 48 million dollars. We wrote an article last year discussing a possible value for GrabOne.
IdeaHQ is the holding company that owns GrabOne, and was 50% owned by Bradley, 50% owned by APN. In February 2011, Mr Bradley sold a further 25% of the company to APN. Leaving him with 25%, APN with 75%.
The latest development is that Bradley sold his final 25% stake to APN, giving them 100% ownership of Idea HQ, and therefore GrabOne. It turns out the deal happened late last year, but the sale figure has only just been reported recently in an APN financial statement filing with the Stock Exchange.
The deal consists of $4.18 million cash for the 25% share. A nice pay day. The sweetener on the deal is that provided certain targets are met, there is a bonus payout of $8 million. It was not clear what the targets are but they are likely achieving a certain level of revenue, and remaining as CEO for a period of time. Bradley has been quoted as saying that he will stay on until the end of next year.
GrabOne reportedly turns over $100 - $120 million a year. This is a great story of fast growth, and shows what can be done in less than 2 years of operation. Mr Bradley has certainly done well with GrabOne, and built a lasting business with 75% market share in the group buying space.
View the site at: GrabOne.co.nz