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Good day for Matt Moulding as Apollo bids for The Hut Group (THG)

THG (LON: THG), formerly known as The Hut Group, is in a jovial mood after an acquisition bid by Apollo Global Management. As a result, the THG share price soared by more than 50% on Monday, making it one of the best performers in London.

As I wrote in this article, there is a jovial mood in London as the level of corporate activity increases. On Monday, THG announced that it had received a non-binding offer from Apollo, a company with over $512 billion in assets under management. 

The company did not disclose the offer price made by Apollo and the expected timeline of the deal. Also, Apollo has not said whether it will make a firm order or not. Still, the non-binding bid is a good sign that some investors are eying the company.

THG has been one of the worst performers in London. It went public a few years ago and reached a peak market cap of over 7 billion. Today, the company is valued at over 1.2 billion pounds, meaning that investors have lost billions.

The Hut Group has been struggling

Founded by Matt Moulding, THG has been going through a rough patch. In 2022, Moulding’s mother was even forced to defend her son from negative reports.

In 2022, Softbank, an earlier backer, announced that it was selling the entire stake in The Hut Group. At the same time, several investors, including Nick Candy, Belerion, and King Street Capital walked away from the deal.

The Hut Group’s business has been going through numerous challenges, including higher costs and losses. The most recent financial results showed that the company’s revenue jumped to 1.1 billion in the first half of 2022. This growth was helped by its beauty business followed by nutrition. 

Most recently, the company’s Ingenuity business partnered with Maximo and Elastic Path. Its Ingenuity business helps to build and maintain e-commerce stores of other companies.

Earlier today, I wrote that Apollo will deliberate with Wood Group, a firm that had rejected its offer a few weeks ago

The post Good day for Matt Moulding as Apollo bids for The Hut Group (THG) appeared first on Invezz.

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