Livingstone ​Advises on Merger for Amazon Aggregator

Livingstone’s Special Situations and Consumer teams are pleased to announce that their client Dragonfly (the “Company”) has completed a successful merger with Infinite Commerce. The transaction was announced in June 2024.

Victory Park Capital facilitated the four-way merger between Dragonfly, Cap Hill Brands, Moonshot Brands and Juvo Plus, resulting in a rebranded company known as Infinite Commerce. Initially, Juvo Plus, a highly accomplished product developer and marketer on the Amazon platform, merged with Cap Hill Brands, a leading e-commerce aggregator of Amazon brands. The combined company rebranded as Infinite Commerce, signaling its position as one of the world’s largest purveyors of consumer products and as a platform for consolidation. Shortly after forming Infinite Commerce, it acquired e-commerce aggregators Dragonfly and Moonshot Brands, adding significant scale and further diversity of brands across multiple channels.

Dragonfly is a leading consumer products company that specializes in acquiring and developing differentiated brands that are sold primarily on the Amazon marketplace as well as direct-to-consumer (D2C) and through wholesale distribution. Founded in 2019, Dragonfly has seventeen portfolio brands, and although brands are marketed to consumers separately, the Company utilizes a technology-enabled operating platform that streamlines sourcing, logistics, pricing, marketing, merchandising and customer service.

In addition to advising on the aforementioned transaction, Livingstone also advised on the sale of the following sales of individual brands owned by Dragonfly:

• Deer Society & Mountain Mike’s, consumer products brands specializing in hunting-related items, sold to a private investment consortium
• Megaware, consumer products brand specializing in customizable boat protection products, sold to a private investor
• Liquid Performance, consumer products brand specializing in automotive performance and maintenance products, sold to a private investor

“This transaction highlights our firm capabilities to combine situation-specific expertise, delivered by our Special Situations team, and industry expertise, delivered by our sector bankers,” said Joe Greenwood, Partner at Livingstone.

Adam Green, Managing Director at Livingstone noted, “In order to maximize value for our client, we designed a process that enabled us to be flexible and provide buyers options as to which assets or brands they would be interested in acquiring. Although this approach created more complexity, ultimately it was the value-maximizing approach, and we were able to facilitate a seamless process for our client and the market.”

“Coming down from the COVID e-commerce ramp-up, it’s been challenging for many Amazon aggregators to find solid footing,” said Andrew Bozzelli, Partner at Livingstone. “We are pleased to have facilitated a transaction for Dragonfly which enables it to leverage the platform and scale of Infinite Commerce.”