Eurazeo

Eurazeo is announcing the sale of 49 % of its stake in Trader Interactive, a provider of online advertising & marketing solutions to the powersports, recreational vehicle, commercial truck & equipment industries based in Virginia (USA), to carsales the largest online automotive advertising platform in Australia with a growing presence in Latin America and Asia. Internationally, carsales operates several marketplaces across both the automotive and specialty vehicle segments with leading properties such as demotores.com in Argentina and EnCar in South Korea.

Under this agreement, Trader Interactive is valued at $1.625bn corresponding to 26,5x CY 2020 Adjusted EBITDA. With this operation, Eurazeo and its affiliates show a total valuation on a realized and unrealized basis of 2.8x their original investment.
The sale of the 49% stake represents pre-tax proceeds of ~$280m for Eurazeo and its affiliates, of which $190m for Eurazeo. This represents 1.5x on their total initial investment1. carsales has a call option for the 51% remaining equity stake in Trader Interactive.

Trader Interactive was the first investment made by Eurazeo’s mid-large buyout team in the US in June 2017. Over the last four years, Trader Interactive has significantly reinforced its leading position across each of its verticals with the support of Eurazeo. 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 of mid-large buyout:
« Trader Interactive exemplifies Eurazeo’s strategy to select and support market leaders across attractive industries supported by strong fundamentals and clear growth drivers. We look forward to accompanying Trader in the next stage of its journey. »

Vivianne Akriche, Managing Director, mid-large buyout, added:
« carsales has a strong track record of building valuable international partnerships in vertical marketplaces. We are very excited to partner with carsales for Trader Interactive’s next chapter and are convinced that combining our respective experiences will further accelerate the Company’s transformation and growth. »

ABOUT EURAZEO
Eurazeo is a leading global investment group, with a diversified portfolio of €21.8 billion in assets under management, including €15.0 billion from third parties, invested in 450 companies. With its considerable private equity, private debt, real estate and infrastructure expertise, Eurazeo accompanies companies of all sizes, supporting their development through the commitment of its nearly 300 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, Sao Paulo, Seoul, Shanghai, Singapore, London, Luxembourg, Frankfurt, Berlin and Madrid.
Eurazeo is listed on Euronext Paris.
ISIN: FR0000121121 – Bloomberg: RF FP – Reuters: EURA.PA

EURAZEO CONTACTS
Virginie Christnacht
HEAD OF COMMUNICATIONS vchristnacht@eurazeo.com
+33 (0)1 44 15 76 44
Pierre Bernardin
HEAD OF INVESTOR RELATIONS pbernardin@eurazeo.com
+33 (0)1 44 15 16 76
PRESS CONTACT
David Sturken
MAITLAND/AMO dsturken@maitland.co.uk+44 (0) 7990 595 913

Categories: News

Tags:

About the Author