Eurazeo is announcing the sale of its remaining 51% stake in Virginia (USA)-based Trader Interactive, a leading platform of branded marketplaces in the United States providing digital marketing solutions and services across the commercial truck, recreational vehicle, power sports and equipment industries, to carsales, the largest online automotive advertising platform in Australia with a growing presence in Latin America and Asia. This transaction follows the acquisition by carsales in August 2021 of 49% of Trader Interactive.
carsales, which operates several marketplaces across both the automotive and specialty vehicle segments, brings to Trader its extensive knowledge in building and developing scaled online marketplaces.
Under this agreement, Trader Interactive is valued at $1.897bn corresponding to 25,0x CY 2021 Adjusted EBITDA. With this operation, Eurazeo and its affiliates show a return on a realized basis of 3.1x their original investment.
The sale of the 51% stake represents pre-tax proceeds of ~$350m for Eurazeo and its affiliates, of which $238m for Eurazeo.
Since 2017, with the support of the Eurazeo’s Mid-large buyout team and its partner, Goldman Sachs Asset Management, Trader Interactive has significantly reinforced its leading position across each of its verticals. Through its relentless focus on building a world class technology and data platform along with targeted and strategic M&A, Trader continues to deliver increasing value to its dealers every day.
Marc Frappier, Member of the Executive Board, Managing Partner, Mid-large buyout:
“Over the last five years, Eurazeo has supported Trader Interactive in its journey to become a leading platform of branded marketplaces in the United States. This investment exemplifies our strategy to select and support market leaders across attractive industries supported by strong fundamentals and clear growth drivers.”
Vivianne Akriche, Managing Director, Mid-large buyout, added:
“We are proud to have worked with the team at Trader over the last five years. This partnership with carsales will allow Trader to continue in its journey to cement its position as a leader with global ambitions. We also want to thank our partners at Goldman Sachs Asset Management for their strong partnership and support for the company.”
About Eurazeo
- Eurazeo is a leading global investment company, with a diversified portfolio of €32 billion in assets under management, including nearly €23.2 billion from third parties, invested in 530 companies. With its considerable private equity, venture capital, private debt as well as real estate and infrastructure asset expertise, Eurazeo accompanies companies of all sizes, supporting their development through the commitment of its nearly 360 professionals and by offering deep sector expertise, a gateway to global markets, and a responsible and stable foothold for transformational growth. Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over the long term.
- Eurazeo has offices in Paris, New York, London, Frankfurt, Berlin, Milan, Madrid, Luxembourg, Shanghai, Seoul, Singapore and Sao Paulo.
- Eurazeo is listed on Euronext Paris.
- ISIN: FR0000121121 – Bloomberg: RF FP – Reuters: EURA.PA
