Hg has announced today an investment in MeinAuto.de (‘MeinAuto’), a leading B2C online platform for new car purchases based in Germany. The terms of the transaction were not disclosed.
MeinAuto was founded in 2007 and is headquartered in Cologne with over 70 employees. The Company is one of Germany‘s leading online platforms for new car sales with over 16 million visitors per year and more than 9,000 dealers connected.
The investment is the first step in an initiative by Hg to develop a new integrated and technology enabled service provider in the automotive distribution & financing space. This initiative is the result of considerable sector work undertaken by Hg in recent years in the automotive services and software spaces, including prior investments in Zenith (vehicle leasing services), Epyx (an electronic network serving vehicle fleet operators and repair shops), Eucon (a platform for automotive parts pricing data) and Parts Alliance (a buying group and distribution network for after-market car parts).
Justin von Simson, Managing Partner and Head of the Munich Office at Hg, said: “We are delighted to partner with the management team of MeinAuto who have worked tirelessly over the last ten years to make the platform a true champion in the online automotive distribution space. As the online channel is gaining more and more importance for car distribution, we are excited about the opportunities that lie ahead for the business and together with the management team look forward to taking the platform to the next level of its evolution.”
Florian Wolff, Director at Hg, commented: “The automotive distribution sector is experiencing a fundamental change. We believe this creates a strong opportunity for MeinAuto given its clear and differentiated value proposition which has allowed the business to build a strong position in the sector. Hg firmly believes in the potential of MeinAuto to leverage its value proposition to further develop and grow the platform in the future. The investment is a perfect example for our approach in partnering with strong entrepreneurs and backing them to scale high-quality technology businesses.”
Alexander Bugge, Founder and Co-CEO at MeinAuto said: “In Hg we have found the right partner to take our company forward to its next level of development. Hg has deep sector knowledge and an excellent track record of building strong sustainable platforms.”
Thomas Eichenberg, Co-CEO at MeinAuto added: “We are confident that, together with Hg, we will be able to provide even better experience to our customers and further expand our offering.”
