The Amazon FBA Aggregator Landscape in 2025
The Amazon FBA aggregator industry has undergone a dramatic transformation since its peak in 2021, when over $12 billion in capital poured into companies racing to acquire third-party Amazon sellers. After a painful consolidation period—marked by Thrasio's Chapter 11 filing in February 2024 and a wave of mergers—approximately 72 aggregators remain active, down from over 100 at the height of the boom.
Who's Still Buying?
Aggregators are still actively acquiring FBA brands, but with far sharper due diligence and more conservative valuations. The survivors fall into three tiers:
- Mega-consolidators
- Razor Group has emerged as the industry's largest player after absorbing Perch (March 2024) and merging with Infinite Commerce (August 2025). SellerX acquired Elevate Brands in 2023, and Branded/Heyday merged to form Essor in 2024.
- Established operators
- Berlin Brands Group (founded 2005) stands out as the longest-running aggregator with 3,700+ products across 28 countries. Boosted Commerce and Acquco continue acquiring selectively in North America.
- Regional specialists
- Merama focuses on Latin American e-commerce brands, while several smaller aggregators target specific categories or geographies.
Current Deal Terms
Valuation multiples have compressed significantly from the 4-5x SDE multiples common in 2021:
| Brand Quality | Typical Multiple (Cash at Close) |
|---|---|
| Premium brands | 2.5x SDE |
| Average brands | 1.0–1.5x SDE |
| Distressed / low-margin | 0–1.0x SDE |
What Acquirers Look For Now
Post-correction, aggregators have become highly selective. Key criteria include:
- Profitability over revenue — Net margins of 15%+ are expected, not just top-line growth
- Brand defensibility — Registered trademarks, unique products, strong reviews (4.3+ stars)
- Category leadership — Top 3 position in their subcategory on Amazon
- Supply chain stability — Diversified suppliers, not single-source dependent
- Clean account history — No policy violations, suspensions, or IP complaints