LOS ANGELES, CA (February 21, 2024) – Edgewater Strategy Group (“Edgewater”), a boutique advisory firm specializing in M&A, capital raises and Office of the CFO services, today announced that it provided financial modeling and diligence support to NTWRK, the Los Angeles-based live shopping platform and curated marketplace, on its acquisition of Complex from BuzzFeed, Inc. (“BuzzFeed”).
Founded in 2018 by Aaron Levant, Jamie Iovine and Gaston Dominguez-Letelier, NTWRK hosts livestreamed product drops and operates a curated marketplace for limited-edition sneakers, streetwear, collectibles and other culture-driven products. Complex, founded by Marc Eckō in 2002, is a media and entertainment brand built around youth culture, covering music, sneakers, style and sports. Its properties include the ComplexCon festival.
NTWRK acquired Complex from BuzzFeed in an all-cash transaction, with investment from Main Street Advisors, Jimmy Iovine, Universal Music Group and Goldman Sachs. Universal Music Group also joins as a strategic partner. Its Interscope Geffen A&M (“IGA”) and Capitol Music Group labels are set to lead the way in developing artist experiences and exclusive collaborations with the combined company, and IGA Chairman and CEO John Janick takes a seat on its board. NTWRK co-founder and Chief Executive Officer Aaron Levant, who co-created ComplexCon in 2016, leads the combined business.
Edgewater worked alongside the NTWRK team as it evaluated the acquisition, providing financial modeling and diligence support. Edgewater built a combined-company forecast model bringing together NTWRK’s commerce platform with Complex’s content, advertising and live-events businesses, and reviewed the financial and operating materials in Complex’s virtual data room, including key performance indicators and working capital, to help NTWRK shape its view of the combined business.
“Complex has earned a rare kind of credibility with the audience that sets the agenda in music, sneakers, style and sports, and ComplexCon brings that community together in person. NTWRK has built the live-shopping technology to turn that enthusiasm into commerce. Building the combined-company model alongside the NTWRK team meant tracing how each audience, event and brand partnership could reinforce the others, and the fit only grew clearer. Aaron and his team are uniquely placed to bring the two together.”
Hawken LordManaging Partner, Edgewater Strategy Group
BuzzFeed was advised by UBS Investment Bank as financial advisor and Freshfields Bruckhaus Deringer US LLP as legal counsel.
NTWRK’s full announcement is available here.
About NTWRK
NTWRK is a Los Angeles-based live shopping company that pairs livestreamed product drops with a curated online marketplace. Working with artists, creators and brands, NTWRK gives fans access to exclusive sneakers, streetwear, collectibles and other culture-driven products. For more information, visit thentwrk.com.
About Complex
Complex is a youth culture media and entertainment network covering music, sneakers, style, sports and pop culture through content, advertising, e-commerce and live events, including the annual ComplexCon festival. For more information, visit complex.com.
About Edgewater Strategy Group
Edgewater Strategy Group is a boutique advisory firm specializing in Mergers and Acquisitions, Capital Raises, and Office of the CFO services. Edgewater works as an extension of its clients’ deal and finance teams, from sourcing and diligence through close and post-close integration. For more information, visit edgewaterstrategygroup.com.
###