The world of eCommerce underwent a seismic shift when Amazon’s Fulfilled-by-Amazon (FBA) ecosystem enabled independent sellers to build profitable, lean operations from anywhere on Earth. But as thousands of these “micro-brands” scaled revenue without scaling infrastructure, a new player entered the scene: Amazon brand aggregators. These are well-funded companies that acquire FBA brands, consolidate operations, and pursue hyper-growth via efficiencies in logistics, marketing, and product development. What began as a behind-the-scenes model quickly evolved into a headline-grabbing M&A frenzy—and public relations became the weapon of choice.
The Aggregator Model: Growth at Scale
Amazon aggregators operate like private equity for digital storefronts. Their thesis is simple: acquire multiple high-performing Amazon-native brands, integrate them into a central operating engine, and drive profitability through scale. But in a crowded market of over 100 active aggregators globally, capital isn’t enough. Visibility, credibility, and founder trust are critical—and this is where PR becomes indispensable. Top aggregators differentiate themselves by dominating headlines, podcasts, and startup events. Their public narratives attract sellers, investors, and even acquisition targets that would otherwise never be inbound leads.
Thrasio and Elevate: Different Stories, Same Playbook
Thrasio was among the first movers to define the modern aggregator strategy. With billions raised and hundreds of brands under management, its messaging has always centered on speed, scale, and seamless integration. Thrasio’s PR campaigns showcase its global presence and proprietary operational backbone, designed to absorb new brands with minimal disruption and maximum ROI.
Elevate Brands, by contrast, opts for a founder-friendly, Amazon-native narrative. Started by entrepreneurs who built their own Amazon businesses, Elevate leverages this background to position itself as a “seller-first” acquirer. Rather than only emphasizing scale, Elevate uses PR to build emotional resonance—focusing on legacy, continuity, and post-exit brand growth.
Media as a Multiplication Engine
The primary goal of aggregator PR is to accelerate acquisitions. A founder deciding between five offers may choose the firm they’ve read about in Forbes or heard on a podcast. Strategic visibility boosts credibility, which reduces acquisition friction. The secondary goal is internal morale. Teams that see their company in TechCrunch or featured at conferences are more likely to stay engaged. Lastly, PR signals strength to competitors and investors, implying that the aggregator has strong financial footing and a clear growth roadmap.
Crisis PR: Navigating the Aggregator Correction
The post-pandemic supply chain chaos and interest rate hikes hit aggregators hard. Several saw profitability vanish amid bloated inventories and debt. Thrasio, despite its scale, was not immune and underwent layoffs and executive restructuring. Yet even in downturns, PR remains essential. The narrative shifts—from high-velocity acquisition to operational excellence and brand optimization. Aggregators who master both sides of the PR cycle—boom and correction—are better positioned to survive consolidation and emerge dominant.
Why PR Works in the FBA Space
FBA sellers are entrepreneurs, not corporate M&A specialists. They often run lean, emotionally invested businesses. Selling is a personal decision. Aggregators that tell a compelling, humanized story can build trust faster than those relying solely on term sheets. PR humanizes the buyer and removes ambiguity. It also signals that the aggregator has systems in place for smooth integration—something sellers deeply value when handing off their life’s work.
Broader Context: eCommerce Industry Statistics
| Metric | Value (2024 est.) | Notes |
|---|---|---|
| Global eCommerce Market Size | $6.3 trillion | Projected to hit $8.1T by 2026 |
| Number of Amazon Third-Party Sellers | 6.3 million+ | Over 60% of Amazon’s sales come from third-party sellers |
| Average Annual Growth Rate (eCommerce) | 9.4% | Compound growth through 2027 |
| Number of Active Aggregators (FBA) | 100+ | Down from 120+ at peak funding in 2021 |
| Average FBA Business Sale Price Multiple | 3.5x – 5.0x EBITDA | Depends on brand size, niche, and growth potential |
| Top Aggregator (by capital raised) | Thrasio | Over $3.4 billion raised |
| Most Common FBA Categories Acquired | Home, Fitness, Beauty, Pets | High-margin and defensible niches |
VC and PE Firms Directly Acquiring eCommerce Brands
Several high-profile investment firms are not just backing aggregators—they’re actively buying eCommerce brands and digital retailers outright:
H.I.G. Capital acquired Health‑E Commerce, the online retailer specializing in FSA/HSA‑eligible health and wellness products, in a deal completed June 2024. The acquisition brought FSA Store, HSA Store, and Caring Mill under its portfolio
Blackstone purchased Rover.com, a leading online pet services marketplace, for $2.3 billion in an all‑cash transaction announced in early 2024 .
Sycamore Partners, while known for brick-and-mortar retail, has also moved decisively online: it owns eCommerce-centric brands like Pure Fishing and acquired Playa Bowls, a digitally‑driven fast‑casual franchise, in 2024 .
Franchise Group—a holding company primarily of franchise retail brands—owns digitally native stores such as The Vitamin Shoppe and Pet Supplies Plus, and was taken private by a consortium in 2023, signaling its private equity-led eCommerce reinvestment strategy .
These firms share a common playbook: identify profitable, brand-driven digital businesses; acquire them outright; then use capital and operational expertise to scale both online and offline. Unlike aggregators that focus on dozens of Amazon SKUs, these players aim for individual brand dominance—leveraging their portfolios to shape entire online categories.
What’s Next: Reputation as a Moat
The aggregator model is maturing. The days of frenzied acquisitions are giving way to operational optimization and long-term brand building. Yet PR remains as critical as ever. It builds buyer pipelines. It attracts investor confidence. And it makes a crowded field easier to navigate for overwhelmed sellers. In 2025 and beyond, the winners in the aggregator space won’t just be the ones with the deepest pockets—they’ll be the ones that own the strongest narrative.
Final Thought
In an industry where so much occurs behind the scenes—contracts, inventory transfers, backend integration—it’s often the story that wins the deal. Amazon brand aggregators who understand the power of visibility and craft their positioning with surgical precision are not only buying brands—they’re buying mindshare. And in the world of high-stakes acquisitions, mindshare is currency.
