Arnold Bloch Leibler has acted for the owners of CatchoftheDay and Scoopon in the sale of a minority stake in the group to an investment consortium, including New York-based Tiger Global Management, James Packer's Consolidated Press Holdings and Andrew Bassat, the co-founder and CEO of SEEK. The transaction is the largest growth capital investment in the Australian e-commerce sector to date, valuing the group at $200 million.
Launched in 2006, CatchoftheDay is now Australia's number one online retail group. Their daily deals sites are based on offering highly discounted daily deals to customers, being product deals on the CatchoftheDay site and services deals on the Scoopon site.
CatchoftheDay founders, Gabby and Hezi Leibovich, will retain a controlling stake in the group, with Lee Fixel from Tiger Global and Jason Lenga from SEEK joining the CatchoftheDay board.
The matter was conducted by Arnold Bloch Leibler partner Steven Klein and lawyers Jeremy Lanzer and Jason van Grieken.
Steven Klein said of the deal: "The success of the CatchoftheDay group is a testament to the innovation and business execution of both Gabby and Hezi."