Aggregators have seen huge success over the last years and have attracted a vast
interest of venture capital and private equity investors across the globe. Cash and earn-
outs structured are the most widely used forms of a payout at an exit. We will discuss a
third option, opt for shares in the aggregator as part of the exit consideration to access a
diversified portfolio of brands and exhibit attractive return potentials far greater than
those of an earn-out.
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Riccardo Bruni
The third exit option: Shares in the aggregator
About Riccardo Bruni
Prior to founding Heroes, Riccardo co-founded Many, a Venture Capital-backed direct-
to-consumer eCommerce brand. Prior to that Riccardo was a Venture Capital investor
with EQT Ventures, investing in early-stage start-ups across Europe. Riccardo started
his career at Merrill Lynch in London in the M&A team advising technology companies
on capital market activities. Riccardo is a co-founder of Heroes and heavily involved in
the acquisition process.