Westbridge Capital Ltd. Has Closed the Acquisition of sliBuy Inc.
Westbridge Capital Ltd. (“Westbridge Capital”) is pleased to announce successfully closing the acquisition of sliBuy Inc. (“sliBuy”). sliBuy is an American no-reserve online auction marketplace based in Shorewood, Illinois, that hosts over 65,000 registered bidders. The company focuses on purchasing and reselling store-level inventories from Fortune 500 and other well-known US retailers.
With sliBuy’s unique shopping experience, bidders engage in a treasure hunt type of experience as inventory is constantly cycling and changing. The platform sees 1,200 auctions ending every day where everything placed in auction starts at $1, allowing customers to move from buying products to winning products. By offering their bidders merchandise at prices they set from brand names such as Home Depot, Wayfair, Best Buy, and more, sliBuy manages effective discounts of up to 80% off regular retail.
While the original founding owner, Michael Ringelsten, will stay on in both a shareholder and director capacity, sliBuy is fortunate to welcome talented and experienced Steve Fitzgerald as CEO to take over leadership. Having spent five years in the reverse logistics industry in retail, wholesale, and online sales channels, Steve and his in-depth industry knowledge are a worthwhile addition to the sliBuy management team.
"I'm thrilled for the opportunity to partner with the Westbridge team in leading the next phase of sliBuy's success,” said Steve Fitzgerald, CEO of sliBuy. “Westbridge's financial and operational support will provide an exceptional platform to accelerate sliBuy's growth."
Westbridge Capital’s professional services group (PSG) conducted the vast majority of the required due diligence in-house, enabling the completion of the acquisition on a tight timeline. We look forward to having our PSG group continue to support Steve and the sliBuy team in the upcoming transition.
Mike Meekins, President of Westbridge Capital, adds, “We look forward to building on the solid foundation established by Michael and supporting Steve as he realizes his vision for sliBuy. This acquisition allows us to gain exposure to a new rapidly growing industry and also serves to further diversify our portfolio”.
About sliBuy Inc.
sliBuy is an online auction platform hosting over 65,000 registered bidders. Based in Shorewood, Illinois, the company focuses on purchasing and reselling store-level inventories from Fortune 500 and other major US retailers, such as Home Depot, Wayfair, Best Buy, and more. With over 1,200 auctions ending every day, inventory constantly cycles to engage bidders, and sliBuy sets merchandise prices to offer incredibly competitive discounts off regular retail. For more information, please visit https://www.slibuy.com/.
About Westbridge Capital Ltd.
Westbridge Capital is a private equity management company. Westbridge Capital focuses on real estate and private equity investments that by their nature have little correlation to publicly listed securities and may be used to diversify a portfolio and reduce overall portfolio risk and Volatility.
About Westbridge Capital Partners Income Trust
Westbridge Capital Partners Income Trust (the Fund) is a Canadian domiciled Mutual Fund Trust managed by Westbridge Capital. The Fund makes high yield loans to mature operating companies and distributes the associated income stream to investors through monthly distributions.