Direct-to-Consumer
M&A, financings and valuations for e-commerce brands, multi-channel merchants, catalogers, specialty retailers and direct marketers.
Tully & Holland has advised direct marketers since before the channel moved online. We represented catalogers and specialty retailers through the shift to e-commerce and now advise the digitally native brands and multi-channel merchants that followed, so we understand the economics of acquiring a customer by mail, by search and by social, and what each is worth to a buyer.
Buyers in this sector look past top-line growth to customer acquisition cost, repeat rates, contribution margin after fulfilment and the health of the customer file. We help owners present those numbers the way an acquirer’s diligence team will rebuild them, and we run processes that reach the strategic consolidators, the private equity groups and the family offices active in direct-to-consumer.
We advise on sales and divestitures, acquisitions, financings and valuations. Every engagement is led by the senior bankers you meet first.
Direct-to-Consumer transactions
has sold Optronic Technologies, Inc. dba
Orion Telescopes & Binoculars, to Optronic Holding Corp., a corporation newly formed by Orion Management
Sell-side transaction
has acquired
a Confidential Marketing Company
Buy-side transaction
has been acquired by an affiliate of
Sell-side transaction
has acquired the assets of
a Confidential Internet Marketing Company
Buy-side transaction
has been acquired by
Sell-side transaction
has sold Territory Ahead to
Sell-side transaction
has been acquired by
Sell-side transaction
$5 million senior secured credit facility
Financial advisor
has sold PrankPlace.com and its related websites to
Sell-side transaction
has been acquired by
Sell-side transaction
has been acquired by
Sell-side transaction
has acquired the assets of a confidential Canadian company
Buy-side transaction
has been acquired by
Sell-side transaction
has acquired
Buy-side transaction
has been acquired by
Sell-side transaction
has been acquired by
Sell-side transaction
has been acquired by
Sell-side transaction
has been recapitalized
Financial advisor
has been acquired by
Sell-side transaction
has been sold to
Jackson Acquisition Co. LLC
Sell-side transaction
has sold its catalog and e-commerce division to
MFB Holdings
Sell-side transaction
has sold the assets of its Products Division to
Sell-side transaction
has been acquired by
Wand Equity Portfolio II
Sell-side transaction
has been acquired by
Sell-side transaction
has been acquired by
Sell-side transaction
has been acquired by
Diplomat
Sell-side transaction
has been acquired by
Sell-side transactionDirect-to-Consumer transaction trends
Closed Direct-to-Consumer transactions by year, by quarter and by deal size, drawn from Capital IQ and PitchBook and updated quarterly. Every sector’s dashboard is on the Industries page.
Direct-to-Consumer transaction trends
Direct-to-Consumer insights
Advancing with Omnichannel
Published in June 2022, this Topics & Trends piece captured the moment a pandemic survival tactic turned into a permanen...
Read →
Catalog Company Case Study
A pre-eminent lifestyle specialty catalog company was selling more than $60 million a year and still losing money. The a...
Read →
Consumer Industry Update Q2 2026
Consumer median deal values set a twelve-quarter record and healthcare multiples touched a twenty-year high, while spons...
Read →
Consumer Industry Update Q1 2026
Global deal value set an all-time record while capital crowded into a handful of megadeals, and healthcare capital inves...
Read →Questions owners ask
What multiples do direct-to-consumer brands sell for?
There is no single answer. Profitable brands with repeat customers and owned channels trade on earnings; faster-growing brands still investing in acquisition may trade on revenue or contribution margin. The range is wide, and where a company lands depends on how durable its customer economics look to a buyer.
Do catalog and multi-channel merchants still attract buyers?
Yes. A mature customer file, a profitable circulation plan and an e-commerce business that has grown alongside it are attractive to strategic consolidators and to private equity, especially where the merchant owns its products or its sourcing.
How do you find buyers for a direct-to-consumer business?
We maintain relationships with the strategic acquirers, consumer-focused private equity groups and family offices that buy in the channel, and we approach them with a confidential, tailored case for each company rather than a broad mailing.